Due to the scale of the pullback from the all time 3 month high above 64000 on the monthly chart and price seemingly to have completed the first part of an abc correction by the end of the month of May, hitting a low of 29960 it would appear that we would be due for a pullback and then a possible resumption to the downside for a 5 wave corrective pattern leading to a much larger abc correction. Based on this analysis I have presented here some possible Fibonacci price targets for a 5 wave ABC correction over the next few months. This 5 wave projection would have the price of Bitcoin head up to about 48000 to complete an Elliott Wave D before retreating again south, to touchdown in the region of the 21800 to 19400 area for an ending corrective Elliot Wave E which would complete the much larger abc correction. Overall current Monthly Bias would be Bearish.
