#BTC LONG-TERM PROJECTION 2019-2025
Using the Elliot wave concept, each impulse wave moves within a channel. I drew a channel connecting the previous minor highs ((1) and (3)) after major wave 1 (I). See how the lower end of the channel supports the current lows of the price. I expect minor wave 5 ((5)) to hit the top of the channel which may fall somewhere between 50k-70k.
And if we project the time estimate as to when wave 5 tops out using the acceleration within the channel, I do think we can get a new ALL TIME HIGH between mid-2020 to 2021. Then another painful and long bear market will start from there. That correction may bottom out sometime in 2022 and may linger into 2024. It's likely for BTC to touch 3k and possibly even lower. But should bounce back to retest the previous would-be all time high.
Using the Elliot wave concept, each impulse wave moves within a channel. I drew a channel connecting the previous minor highs ((1) and (3)) after major wave 1 (I). See how the lower end of the channel supports the current lows of the price. I expect minor wave 5 ((5)) to hit the top of the channel which may fall somewhere between 50k-70k.
And if we project the time estimate as to when wave 5 tops out using the acceleration within the channel, I do think we can get a new ALL TIME HIGH between mid-2020 to 2021. Then another painful and long bear market will start from there. That correction may bottom out sometime in 2022 and may linger into 2024. It's likely for BTC to touch 3k and possibly even lower. But should bounce back to retest the previous would-be all time high.
Comment:
For those who understands Elliot wave, I do think minor wave 1 of major wave 3 was extended. So, I'm expecting minor wave 5 of major of 3 do finish shorter than the prior minor waves. Which means, we can get a new all time high (50k) sooner than later