BTC New Highs! What's Next?

Bitcoin has made new highs yet again. It has hit our exact price target, which was established using our Fibonacci extension levels. It is likely that bitcoin will come up for air at some point and retrace or stabilize. This does appear to be the first leg of the next 5-3 Elliott Wave, so we may see a dip to 34.4K or 34.2K, both Fibonacci levels. The next price target is 38.6K which it will likely hit on the next sprint. The Kovach OBV (blue line) is surprisingly flat, so anticipate the momentum to dry up for a bit before the next wave of buying