Bitcoin Likely to hit 77k Soon
Based on the Elliott Wave analysis, Bitcoin’s (BTC) rally from the June low of $28,600 to the current all-time high of $67,016 can be labeled as a zig-zag pattern. According to EW, the zig-zag pattern is formed by 3 waves A-B-C, which can be subdivided as follow:
1. Wave A is a 5 wave price formation.
2. Wave B is a corrective ABC price formation.
3. Wave C is a 5 wave price formation.
The rally from the $28,600 low to the intermediary swing high of $52,956 has developed in a 5 wave price formation. The pullback from the $52,956 high was corrective in nature and was an ABC price structure. The second rally from the swing low of $39,573 to the current all-time high of $67,016 can be broken down into a 5 wave formation.
Elliott Waves
In the Elliott Wave theory, wave C of a zig-zag pattern targets the 1 and 1.272 Fibonacci extensions of wave A and wave B combined. In this case, the 100% extension falls at $62,996 respectively the 1.272 extension falls at 69,367.
The minimum Fibonacci ratio requirement is satisfied, and wave C can be called completed.
Moving forward: We can expect to see a pullback in 3 waves before the bullish cycle can resume again. The considerable psychological number of $55,000 and $50,000 will likely act as support. From there, we will probably see a bounce back up and a new all-time high soon after (at least $77,500).
1. Wave A is a 5 wave price formation.
2. Wave B is a corrective ABC price formation.
3. Wave C is a 5 wave price formation.
The rally from the $28,600 low to the intermediary swing high of $52,956 has developed in a 5 wave price formation. The pullback from the $52,956 high was corrective in nature and was an ABC price structure. The second rally from the swing low of $39,573 to the current all-time high of $67,016 can be broken down into a 5 wave formation.
Elliott Waves
In the Elliott Wave theory, wave C of a zig-zag pattern targets the 1 and 1.272 Fibonacci extensions of wave A and wave B combined. In this case, the 100% extension falls at $62,996 respectively the 1.272 extension falls at 69,367.
The minimum Fibonacci ratio requirement is satisfied, and wave C can be called completed.
Moving forward: We can expect to see a pullback in 3 waves before the bullish cycle can resume again. The considerable psychological number of $55,000 and $50,000 will likely act as support. From there, we will probably see a bounce back up and a new all-time high soon after (at least $77,500).
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