With Bitcoin reversing sharply from the $19,000 area and reaching the highest value since June of 2022, one starts to think where this rally can bring us.
There is a case to be made that BTC is currently inside an Elliot Wave pattern, the third bullish leg to be precise. Keep in mind that it's still too early to say whether we're actually within an Elliot Wave pattern, but it's valuable to look at different perspectives.
I would argue it to be highly likely at this point that BTC will move towards the bottom yellow area, which was a key area of support after the LUNA collapse last year. If anything, a correction from that area downwards would be expected.
The lowest point we can correct to, in my opinion, would be $25,200, which was the top of the first wave.
The last bullish leg up can theoretically take us all the way to the Q1-2022 support area. I'd be extremely surprised if we can make it above $40,000, so that's my upper limit for now.
In the end, the macro still looks bad. Inflation is still not where it should be, interest rates are still increasing, so my assumption is that after this pattern plays out we will go down again. Same thing happened in 2019.
Nevertheless, I think that this Elliot Wave scenario is one of the best things a bullish investor can dream off. All-time highs this year are not realistic, but I think there's definitely more room for growth in the coming months.
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There is a case to be made that BTC is currently inside an Elliot Wave pattern, the third bullish leg to be precise. Keep in mind that it's still too early to say whether we're actually within an Elliot Wave pattern, but it's valuable to look at different perspectives.
I would argue it to be highly likely at this point that BTC will move towards the bottom yellow area, which was a key area of support after the LUNA collapse last year. If anything, a correction from that area downwards would be expected.
The lowest point we can correct to, in my opinion, would be $25,200, which was the top of the first wave.
The last bullish leg up can theoretically take us all the way to the Q1-2022 support area. I'd be extremely surprised if we can make it above $40,000, so that's my upper limit for now.
In the end, the macro still looks bad. Inflation is still not where it should be, interest rates are still increasing, so my assumption is that after this pattern plays out we will go down again. Same thing happened in 2019.
Nevertheless, I think that this Elliot Wave scenario is one of the best things a bullish investor can dream off. All-time highs this year are not realistic, but I think there's definitely more room for growth in the coming months.
Enjoy this analysis? Like & Share your thoughts 🙏
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