The BCH fork happened on 08/01/2017. At that time the BTC had been trying to break the historic top for days - USDT 2927.00. Four days after lateralizing in this region, the BTC broke with monumental buying power the historic top and began a high rally, which took the asset to form a new historical top of USDT 4426.00 on August 15, when the commercialization began of BCH. Then followed another 15-day period of highs, with the BTC reaching a new historical top of USDT 4,900.00 on 1/09.
This last high leg ended in 02/09 completed a 3-high wave that was followed by a strong correction move. For 15 days, Bitcoin lost 40% of its value, returning to the level of USDT 2927.00, which had been reached on 08/08.
Considering the current configuration and the lesson left by the motion generated by the BCH, what can we expect for the BTC with the BTG fork?
Firstly, we must recognize that much of the expectation regarding the fork has already been priced. Bitcoin has already risen more than 100% from the lowest USDT 2927.00 reached on 9/15. At the exact moment we wrote this text, the currency is hovering around USDT 6050.00.
Second, the Elliott Wave analysis reveals that the BTC is about to complete the third high cycle (wave 5), which will inevitably lead the currency to a strong corrective movement.
This last high leg ended in 02/09 completed a 3-high wave that was followed by a strong correction move. For 15 days, Bitcoin lost 40% of its value, returning to the level of USDT 2927.00, which had been reached on 08/08.
Considering the current configuration and the lesson left by the motion generated by the BCH, what can we expect for the BTC with the BTG fork?
Firstly, we must recognize that much of the expectation regarding the fork has already been priced. Bitcoin has already risen more than 100% from the lowest USDT 2927.00 reached on 9/15. At the exact moment we wrote this text, the currency is hovering around USDT 6050.00.
Second, the Elliott Wave analysis reveals that the BTC is about to complete the third high cycle (wave 5), which will inevitably lead the currency to a strong corrective movement.