Bitcoin Bouncing off of 35k Target From November (Elliott Wave)
I said on November 16th "A move to 35k is actually slightly more likely than 40k. While 40k (61% retracement) remains a minimum target for wave-C, wave-B has formed into a double combination which are frequently retraced 80%, which would put Bitcoin at 35k."
Bitcoin is bouncing perfectly off of my 80% retracement target and there's a good probability that the market has bottomed as a majority now think a move to 20k is more likely than 50k. Many calling for years long bear market, just like back in May 2021. Momentum indicators are looking like a potential bottom and some smaller cryptos have already started taking off.
Targets are at minimum for a potential wave-d would be a 61.8% retracement of wave-c, more likely wave-d would relate to wave-b by 61.8% putting it at 58k.
If wave-C is retraced faster than it was formed, that means we could see prices over 100k this year.
New lows will change this analysis.
Bitcoin is bouncing perfectly off of my 80% retracement target and there's a good probability that the market has bottomed as a majority now think a move to 20k is more likely than 50k. Many calling for years long bear market, just like back in May 2021. Momentum indicators are looking like a potential bottom and some smaller cryptos have already started taking off.
Targets are at minimum for a potential wave-d would be a 61.8% retracement of wave-c, more likely wave-d would relate to wave-b by 61.8% putting it at 58k.
If wave-C is retraced faster than it was formed, that means we could see prices over 100k this year.
New lows will change this analysis.
Comment:
We made aa new low but it still looks very bullish. Probably just needed to tap 33k real quick. Staying long unless we go under 33k.
Comment:
At the moment it seems likely we'll continue going sideways/down.
I don't suspect a deep decline but it is possible if something happens economically that could cause a major crash.
Otherwise, the economy is too strong and inflation is too high for sustained crash, and I suspect we'll bottom out around 31-32k after some sideways.
This allows time for us to reach my February time target and get more people to flip bearish before we start climbing back over 50k.
At the moment it seems likely we'll continue going sideways/down.
I don't suspect a deep decline but it is possible if something happens economically that could cause a major crash.
Otherwise, the economy is too strong and inflation is too high for sustained crash, and I suspect we'll bottom out around 31-32k after some sideways.
This allows time for us to reach my February time target and get more people to flip bearish before we start climbing back over 50k.
Comment:
There's no guarantee this goes lower so it's probably best to be accumulating some crypto here. Seeing some buy signals on the weekly charts that make me think we may have already bottomed, or may just need to retest the lows one more time. If we do go lower it will be a great buying opportunity but I wouldn't count on it.
