It is clear that ETH is in the early stage of a new bull market cycle. Minor wave 1 of this new cycle took BTC to over $2142 in April 2023 from its bear market low in June 2022 of $880.
Minor wave 2 has lasted for several months and may have ended at $1530 on 9/11/23. I'm expecting the continuation of intermediate wave (3) to continue with minor waves 3, 4, and 5 into 2024. The guess now is that ETH will approach the $4867 Nov 2021 ATH and possibly backtrack near that price level. Eventually I'm expecting ETH to surpass its previous ATH by the end of 2024 to early 2025.
A 4th intermediate wave could take BTC back to near $5000 to flip the previous ATH as support from previous resistance.
A 5th intermedate wave is expected to end about Oct 2025. A straight line projection of the $1420 ATH in Jan 2018 through the $4867 ATH in Nov 2021 meets at $18000 to $19000 by Oct 2025.
I would then expect ETH to retrace 80% for a year into Oct 2026. JMHO
Minor wave 2 has lasted for several months and may have ended at $1530 on 9/11/23. I'm expecting the continuation of intermediate wave (3) to continue with minor waves 3, 4, and 5 into 2024. The guess now is that ETH will approach the $4867 Nov 2021 ATH and possibly backtrack near that price level. Eventually I'm expecting ETH to surpass its previous ATH by the end of 2024 to early 2025.
A 4th intermediate wave could take BTC back to near $5000 to flip the previous ATH as support from previous resistance.
A 5th intermedate wave is expected to end about Oct 2025. A straight line projection of the $1420 ATH in Jan 2018 through the $4867 ATH in Nov 2021 meets at $18000 to $19000 by Oct 2025.
I would then expect ETH to retrace 80% for a year into Oct 2026. JMHO
Comment:
meant ETH to over $2142 in the first paragraph not BTC