We had a great time with BTC in 4 recent months, a strong bullish trend which needs some rest here and joining of new investors. In this analysis we want to analyze waves of this move until here and predict where we can go in midterm.
Reason this move took place: Decline of Dollar value and joining institutional investors
Birthplace (Start of Wave 1): 10770$
As you see in the chart the move started at price of 10770$ and the wave 1 took us to 19300$, after a short period of correction we started a strong upward movement from 16300$ to 41950$. You may notice that funding fees were so high, Wave 3 was overextended (3.618 of wave 1) and continuation of the move was impossible considering that situation, so as classic Elliott analysis textbooks suggest we headed to a descending wedge to reset RSI and funding fees to continue the move. Now we Touched the bottom of the wedge and we will have a slight upward movement toward the ceiling of the wedge after this, which provides very good situation for alts to grow. After breaking the wedge we will have so much faster upward movement which will be at the same time BTC gets its dominance back. In my opinion BTC can reach 52k$ at the end of the move.
Reason this move took place: Decline of Dollar value and joining institutional investors
Birthplace (Start of Wave 1): 10770$
As you see in the chart the move started at price of 10770$ and the wave 1 took us to 19300$, after a short period of correction we started a strong upward movement from 16300$ to 41950$. You may notice that funding fees were so high, Wave 3 was overextended (3.618 of wave 1) and continuation of the move was impossible considering that situation, so as classic Elliott analysis textbooks suggest we headed to a descending wedge to reset RSI and funding fees to continue the move. Now we Touched the bottom of the wedge and we will have a slight upward movement toward the ceiling of the wedge after this, which provides very good situation for alts to grow. After breaking the wedge we will have so much faster upward movement which will be at the same time BTC gets its dominance back. In my opinion BTC can reach 52k$ at the end of the move.
Comment:
I also showed BTC.D path considering my analysis.