An Alternative Bitcoin Scenario - Examining an Expanded Flat
This idea explores an alternative scenario for Bitcoin's price movement, considering the possibility of an expanded flat wave pattern from an Elliott Wave perspective. I will discuss the likelihood of this scenario occurring and analyze different price targets based on various projections.
Bitcoin has experienced significant price fluctuations since its inception, leading to various analysis and predictions of its future trajectory. One possible alternative scenario worth considering is the formation of an expanded flat wave pattern, with the entire wave structuse starting in December 2018. While this scenario has a relatively low probability of occurrence (around 20%), it provides an interesting perspective on Bitcoin's potential price movements.
Elliott Wave Analysis
To analyze this alternative scenario, we use the Elliott Wave Principle, which claims that market cycles can be broken down into a series of waves. In this case, I look at the possibility of a 5-wave pattern that began in late 2018:
Wave 1: The incline to almost $14,000 in June 2019 which started in December 2018
Wave 2: The decline to below $4,000 in March 2020, coinciding with the pandemic
Wave 3: The subsequent rally to $64,000, in which the wave traveled almost 193% the length of Wave 1, projected from the bottom of Wave 2
Wave 4: The potential completion of an expanded flat pattern in December 2021
Wave 5: The projected price targets based on various measurements
Wave 5 Projections and Price Targets
To project potential price targets for Wave 5, we can employ different measurements and calculations. Here are some possible targets to consider:
100% Equality Target: By measuring Wave 1 and projecting it from the bottom of Wave 4, we arrive at a target of approximately $68,700. This would essentially result in a double top , which may not be very appealing to traders seeking higher returns.
61.8% Fibonacci Projection: By measuring from the start of Wave 1 to the end of Wave 3 and projecting this from the bottom of Wave 4, we can apply a 61.8% Fibonacci retracement level. This results in a target of around $101,000, which may be more attractive to traders.
161.8% Fibonacci Projection: Taking a more ambitious approach, we can apply the 161.8% Fibonacci retracement level, which yields a target of $171,000. However, given the low probability of this entire scenario occurring (20%), the likelihood of reaching this target is even lower, at around 5%.
While this alternative scenario presents an interesting perspective on Bitcoin's potential price movements, it is crucial to remember that the probability of this expanded flat wave pattern playing out is relatively low. You should consider this analysis as just one of many possible scenarios and exercise caution when making decisions based on such projections. It is always important to take into account other factors and conduct comprehensive research before making any investment decisions.
I hope you enjoyed this exploration of an alternative Bitcoin scenario using the Elliott Wave Principle and expanded flat wave pattern. As with any market analysis, it is essential to approach such content with a discerning eye and consider multiple perspectives before making investment decisions. My aim is to provide thought-provoking content that offers unique insights and stimulates engaging discussions among my readers. I appreciate your interest and encourage you to share your thoughts and opinions on this topic. Happy reading!
(Republished to correct chart issue in previous idea)
Bitcoin has experienced significant price fluctuations since its inception, leading to various analysis and predictions of its future trajectory. One possible alternative scenario worth considering is the formation of an expanded flat wave pattern, with the entire wave structuse starting in December 2018. While this scenario has a relatively low probability of occurrence (around 20%), it provides an interesting perspective on Bitcoin's potential price movements.
Elliott Wave Analysis
To analyze this alternative scenario, we use the Elliott Wave Principle, which claims that market cycles can be broken down into a series of waves. In this case, I look at the possibility of a 5-wave pattern that began in late 2018:
Wave 1: The incline to almost $14,000 in June 2019 which started in December 2018
Wave 2: The decline to below $4,000 in March 2020, coinciding with the pandemic
Wave 3: The subsequent rally to $64,000, in which the wave traveled almost 193% the length of Wave 1, projected from the bottom of Wave 2
Wave 4: The potential completion of an expanded flat pattern in December 2021
Wave 5: The projected price targets based on various measurements
Wave 5 Projections and Price Targets
To project potential price targets for Wave 5, we can employ different measurements and calculations. Here are some possible targets to consider:
100% Equality Target: By measuring Wave 1 and projecting it from the bottom of Wave 4, we arrive at a target of approximately $68,700. This would essentially result in a double top , which may not be very appealing to traders seeking higher returns.
61.8% Fibonacci Projection: By measuring from the start of Wave 1 to the end of Wave 3 and projecting this from the bottom of Wave 4, we can apply a 61.8% Fibonacci retracement level. This results in a target of around $101,000, which may be more attractive to traders.
161.8% Fibonacci Projection: Taking a more ambitious approach, we can apply the 161.8% Fibonacci retracement level, which yields a target of $171,000. However, given the low probability of this entire scenario occurring (20%), the likelihood of reaching this target is even lower, at around 5%.
While this alternative scenario presents an interesting perspective on Bitcoin's potential price movements, it is crucial to remember that the probability of this expanded flat wave pattern playing out is relatively low. You should consider this analysis as just one of many possible scenarios and exercise caution when making decisions based on such projections. It is always important to take into account other factors and conduct comprehensive research before making any investment decisions.
I hope you enjoyed this exploration of an alternative Bitcoin scenario using the Elliott Wave Principle and expanded flat wave pattern. As with any market analysis, it is essential to approach such content with a discerning eye and consider multiple perspectives before making investment decisions. My aim is to provide thought-provoking content that offers unique insights and stimulates engaging discussions among my readers. I appreciate your interest and encourage you to share your thoughts and opinions on this topic. Happy reading!
(Republished to correct chart issue in previous idea)