Based on Elliot Wave Theory, depending on how you look at it, the run up and subsequent correction of Bitcoin in 2013-2015 was it's own 12345 Impulse and ABC correction sequence. The way I see it, we have started a brand new 12345 Impulse Wave Up. Bitcoin's massive bull run from late 2015 to end of 2017, was wave 1.
Right now, we could possibly have finished wave 2, if, and only if, that is true, we should be beginning wave 3. In Elliot Wave Theory, it is said that you can predict where wave 3 will end, if you draw a trend line from the beginning of wave 1, to the end of wave 2, and project a parallel line of that trend line off of wave 1, and you will have a target for wave 3. That would put Bitcoin at a maximum price of $85,000 USD by December. 31st 2018.
You can use the same principle we used to predict where wave 3 would end, to predict where wave 4 and 5 would start and finish, based on the speculative wave 3, which you can see I've done on the chart. So in summary, based off elliot wave theory, if we truly have completed wave 2, Bitcoin should be $85,000 USD by the end of 2018, and $333,000 USD by the end of 2019. From there a massive ABC correction would ensue, dragging Bitcoin from $333,000 back down to 40k over the course of the next 2 years, similar to what happened in 2014-2015. From there it could start a new cycle, and we could go to 1 Million USD. This is my official prediction. NOTE: This Prediction is based of the assumption that we have completed wave 2. If we drop lower than 6k, the structure will have to be re-adjusted to accurately portray the future waves. I will update with a few more posts portraying those scenarios.
Right now, we could possibly have finished wave 2, if, and only if, that is true, we should be beginning wave 3. In Elliot Wave Theory, it is said that you can predict where wave 3 will end, if you draw a trend line from the beginning of wave 1, to the end of wave 2, and project a parallel line of that trend line off of wave 1, and you will have a target for wave 3. That would put Bitcoin at a maximum price of $85,000 USD by December. 31st 2018.
You can use the same principle we used to predict where wave 3 would end, to predict where wave 4 and 5 would start and finish, based on the speculative wave 3, which you can see I've done on the chart. So in summary, based off elliot wave theory, if we truly have completed wave 2, Bitcoin should be $85,000 USD by the end of 2018, and $333,000 USD by the end of 2019. From there a massive ABC correction would ensue, dragging Bitcoin from $333,000 back down to 40k over the course of the next 2 years, similar to what happened in 2014-2015. From there it could start a new cycle, and we could go to 1 Million USD. This is my official prediction. NOTE: This Prediction is based of the assumption that we have completed wave 2. If we drop lower than 6k, the structure will have to be re-adjusted to accurately portray the future waves. I will update with a few more posts portraying those scenarios.