Bitcoin and Elliott Wave Theory
Updated
The recent analysis of Bitcoin's price action shows a compelling Elliott Wave pattern that indicates a possible final leg breakout. The chart provided highlights the completion of waves 1 through 4, suggesting that Bitcoin might be poised for the fifth and final impulsive wave.
Zooming in, many have also noticed the inverted head and shoulders pattern, which also indicates a bullish narrative.
Evidence Supporting the Breakout:
-RSI: Showing low numbers similar to previous great pushes.
-Daily Cycle Low: Most likely confirmed.
-ETH ETF Launch: Expected to boost crypto volume.
-BTC ATH: Will attract attention and spark news, starting the mania phase.
-M2 Money Supply: Uptrend indicating increased liquidity to boost assets.
-BTC Halving Cycle: Suggests an impending euphoria phase.
-Fear/Greed Index: Indicates the market is ready for a new push.
These factors collectively suggest that Bitcoin is ready for a significant upward move, potentially leading to new all-time highs.
Zooming in, many have also noticed the inverted head and shoulders pattern, which also indicates a bullish narrative.
Evidence Supporting the Breakout:
-RSI: Showing low numbers similar to previous great pushes.
-Daily Cycle Low: Most likely confirmed.
-ETH ETF Launch: Expected to boost crypto volume.
-BTC ATH: Will attract attention and spark news, starting the mania phase.
-M2 Money Supply: Uptrend indicating increased liquidity to boost assets.
-BTC Halving Cycle: Suggests an impending euphoria phase.
-Fear/Greed Index: Indicates the market is ready for a new push.
These factors collectively suggest that Bitcoin is ready for a significant upward move, potentially leading to new all-time highs.
Comment
DCL was a little lower than first anticipated, but we are still on our way for the 5th of the 5th.
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