Bitcoin - The bottom will be here (89% chance)
- I am telling you that the bottom on Bitcoin will be between 9600 - 10300 USD and I expect Bitcoin to reach this reversal zone in summer 2023!
- You can place your buy orders here because the reaction on this level will be extremely high, so you can also buy/long BTC for a 50% profit.
- The worst-case scenario for Bitcoin is to hit the bottom of the huge channel on the LOG weekly chart, which is unfortunately between 5200 - 5800 USD. But I think it's not going to happen.
- If bitcoin falls below 5k, a lot of exchanges will be out of business because customers will leave the crypto space. 99% of people will be out of crypto, and it doesn't make too much sense. In crypto, there is a lot of money to be made for big players. They want crypto to rise as well.
- On the weekly chart, Bitcoin has been moving in this massive ascending parallel channel with 5 touches. It's a valid channel on the LOG scale.
- Volatility on Bitcoin is at an all-time low, and this should last until we find the bottom.
- 9600 - 10300 USD is a very strong zone because it is the 0.618 FIB of the previous impulse wave and also because there is an unfilled GAP.
- As per my Elliott Wave analysis, the downtrend that started in November 2021 looks impulsive, so there is a high chance to go lower to complete the ABC retracement.
- ETH could reach 250 USD and BNB could reach 48 USD. It's a very strong level for these coins that you will see in my next ideas, so follow me and hit the like!
- Thank you, and happy trading!
