Elliott Wave Science - Bitcoin Preps for Upside Test Near $48K

Bitcoin should have a choppy but explosive weekend, which may ultimately get erased as soon as the global markets re-open next week. It may take a week or so, but Bitcoin should reach the 48K range before losing steam and returning under $30,000 briefly.

Comment:

48K remains a possible target however, my confidence in it being reached is not as high as it previously was.

The diagonal wave I've been tracking is possibly already finished.

There is also a possibility that it is not, however, thanks to Elliott Wave Theory, there are a couple of things to look out for that will provide further clarity.

1. If the diagonal wave is done, a drop/retracement back to the levels of Wave 2 should be accelerated.

2. If the drop is slow and sideways, we can expect support near $42.3 and for the upside waves to continue to $48K.

A drop below $40.5K invalidates all upside possibilities until support is discovered below $27K.

Comment:

this setup is highly likely to sent Bitcoin below 27K in the weeks to come.

Comment:

$56K by March?