If our plan pans out, Bitcoin is gearing up for much higher levels, in the range of the previous all-time highs. Nevertheless, we need completion of the correction before the bulls are strong enough for the next rally. This current correction in wave 2 in blue should at least bring prices in the area of $8200. From there, we expect strong support and bullish action returning. We highlighted the area with a yellow rectangle, indicating a potential turnaround zone. The $7243 shouldn't be broken as chances for a bigger correction increase below this mark. In the short term, we expect prices to go up slightly. The target for wave in red is between $11500 - $12000. This area marks a strong resistance from where the next sell-off may start. Alternatively, we have already seen the high of wave , and the sell-off will continue right away. This, however, ist hard to tell at the moment. Primarily we expect prices to reach the $11500 - $12000 area.
If the mentioned conditions will be fulfilled, Bitcoin is paving the way for prices at around 20k.
What are your expectations for BTC? Feel free to share your opinion!
Happy trading!
