To show you how an 5th wave extension looks like we need to look back to the bullrun of 2015
Bitcoin started the move in 2015 with an impulsive move into wave 1
Then a sideways flat correction ABC into wave 2
This created the Base Channel, when the price breaks out of it, wave 3 has started
Once wave 3 ended we corrected and held support on the Base channel in wave 4
Afther that the extended wave 5 begins and we create a parabola
After the buying climax we retrace back to end the elliot wavecycle
Now we come back to present to see if we can have an 5th wave extension in this cycle
The confusion part is that this elliot wavecycle there are 2 halvings included
one halving right before the 3th wave and the second one will happen during the 5th wave were are now in
Bitcoin is almost at max supply, so in the future the halving will have less and less impact on the price
This viewed from a supply standpoint, not a psychology standpoint, that will remain i guess
This view also concludes that we are in lenghtening cycles, so the price moves are also spread out in time so there's a relative belief the returns are diminishing in a time-related view
Looking back to the chart i posted, some of the moves are already set in stone
The only variabel is where that 5th wave of the 5th wave will end
We are now in wave 2 correcting to find a higher low between 22k en 20k
Wave 3 wil end around previous All Time High to begin re-accumulation in wave 4 between 42k en 65k
This chart projects a extended 5th wave to up tot 250k, real moonboy targets
For the more realistic people, this charts show no extended wave 5
The only difference is the 5th wave in comparisson with the other chart
The theory is to reach peak euphoria when we pierce 100k en come back down to start the bearmarket
To end this analysis, it's difficult to look that far in the future but it gives you an good idea for what is to come, some things are likely to happen en some things are now to early to tell
Know where you are in the cycle, there is much time to go, have patience and let the trade come to you
Bitcoin started the move in 2015 with an impulsive move into wave 1
Then a sideways flat correction ABC into wave 2
This created the Base Channel, when the price breaks out of it, wave 3 has started
Once wave 3 ended we corrected and held support on the Base channel in wave 4
Afther that the extended wave 5 begins and we create a parabola
After the buying climax we retrace back to end the elliot wavecycle
Now we come back to present to see if we can have an 5th wave extension in this cycle
The confusion part is that this elliot wavecycle there are 2 halvings included
one halving right before the 3th wave and the second one will happen during the 5th wave were are now in
Bitcoin is almost at max supply, so in the future the halving will have less and less impact on the price
This viewed from a supply standpoint, not a psychology standpoint, that will remain i guess
This view also concludes that we are in lenghtening cycles, so the price moves are also spread out in time so there's a relative belief the returns are diminishing in a time-related view
Looking back to the chart i posted, some of the moves are already set in stone
The only variabel is where that 5th wave of the 5th wave will end
We are now in wave 2 correcting to find a higher low between 22k en 20k
Wave 3 wil end around previous All Time High to begin re-accumulation in wave 4 between 42k en 65k
This chart projects a extended 5th wave to up tot 250k, real moonboy targets
For the more realistic people, this charts show no extended wave 5
The only difference is the 5th wave in comparisson with the other chart
The theory is to reach peak euphoria when we pierce 100k en come back down to start the bearmarket
To end this analysis, it's difficult to look that far in the future but it gives you an good idea for what is to come, some things are likely to happen en some things are now to early to tell
Know where you are in the cycle, there is much time to go, have patience and let the trade come to you
Comment:
wave 3 could already be in and the correction could get worse to 0.5 Fib retracement before starting the extension in wave 5