Bitcoin seems to be in its final and fifth wave down. Since this is no longer a correction, but a bearish downwards momentum, the fifth wave of the Elliott wave principle in combination with fibonacci, dictate that the bitcoin price could go as low as 3k.
-At this point, the RSI is oversold, a retracement will happen in the upcoming days (also based on MACD). -Market will continue its decline towards its previous low of approximately 6.2k USD. -Price will bounce from this level and again retrace. -Final leg down will end between 3k and 4.5k USD.
Disclaimer: This is of course over a very long term and will probably not happen exactly like this. I do believe BTC will head towards 3k-4.5k levels but how long it will take and where exactly retracements occur is very uncertain.
I think it's on its third wave up, after the ATH and ABC down. =)
DeWit
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@kesmoments, Yes, that was my understanding for a long time as well. However, there are some problems with that. First of, your C-wave is exactly a 1.618 extension of wave A. This indicates that wave C is actually a momentum wave 3. Next, your wave 4 (in which we are now, in a lower time scale) is now penetrating wave 1, which is not allowed.
kesmoments
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@DeWit, so it was an ABC not ABCDE. we are on the wave 3 up now dont you think?
DeWit
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@kesmoments, Could be, but I am not convinced. The retracement we are on right now (or wave 3 indeed) is also on my chart! Predicted a retracement up to a level of 9800 dollar. I am wrong and will admit it when btc surpasses the level of 11500 dollar.