My previous posts have been bearish, however the trend line channel that goes back all the way to March has been broken, and the 1.618 fib level has been broken ($6200) so the next target should be about the 2.618 fib level for $8.2k.
notice the previous correction happened there too points 1 and 3 are the two peaks of the elliot wave that have similar properties. the 5th wave is a more extended wave and could see a much higher extension than its previous 2 peaks.
Note: last time a major channel was broken, BTC went vertival on its 5th wave all the way to the 4.236 fib level (from $900-$2595)
BTC is also on its 5th wave right now, with mass adoption and institutional money rolling in (futures) going to the 4.246 fib level on this 5th wave doesn't seem too unreasonable. 4.136 would bring us to about $11,500.
notice the previous correction happened there too points 1 and 3 are the two peaks of the elliot wave that have similar properties. the 5th wave is a more extended wave and could see a much higher extension than its previous 2 peaks.
Note: last time a major channel was broken, BTC went vertival on its 5th wave all the way to the 4.236 fib level (from $900-$2595)
BTC is also on its 5th wave right now, with mass adoption and institutional money rolling in (futures) going to the 4.246 fib level on this 5th wave doesn't seem too unreasonable. 4.136 would bring us to about $11,500.
Trade closed: target reached