BTC long-term outlook

Looking for ZigZag aligned with 0.5 fibo targeting 38100.
Based on this 7150 might be the dip.

Comment:

1) Fibonacci extension levels 6.84 and 5.3 are very often the targets of 5 wave impulse structure. Taking the extension 5.3 from the range down there, circa 15500 - 18500, and 6.84 from the pullback in the range, yields cca 30775.

2) Pulling fibonacci retracement from High (69k) and aligning its levels (0.618, 0.5, 0.382) with the market structure -> 0.382 sitting on 30775 (0 ends up in 7147).

3) ZigZag aka 5-3-5 is what I expect assuming we won't drop right from 0.382 = 30775. Pulling zigzag's 2nd wave down to the support 22799 aligns its 3rd wave with 0.5 fibo retracement cca 38100. Remember, it does not have to do anything. It may not go up to 38k or vice versa, can easily sniper 40k. Who knows.

Not an expert, just messing around.

Cheers :)))

Comment:

Fibo 0.382 (30775) is also aligned with VAH of the range formed in May/Jun 22

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The idea is still valid assuming the green scenario won't play out as shown here: