Crypto currencies are highly trending assets. This applies in particular for Bitcoin which is driven by a power law engine resulting in an iterative growth common in the physics of many natural and man-made phenomena.
The bitcoin chart makes this very clear even in a semi-log chart when used for a short time period such as a year. For longer periods a log-log chart is required.
After achieving a new all-time high in March in an irregular Elliott wave correction top, and then completing a five wave sequence from the previous correction at 38.5 k, Bitcoin corrected this run to below 60 k. In May and June the market has been building a new bullish structure in four completed waves, with only wave five remaining. Wave four of this structure has brought the price action back to the long-term trend line of the trading channel of the BTC market that has supported the market since the end of the 2022 crypto winter.
We should now expect a rejection by the trend line to further sideways or downward movement.
We should instead finally expect a strong upward trajectory to a new all-time high and beyond.
The bitcoin chart makes this very clear even in a semi-log chart when used for a short time period such as a year. For longer periods a log-log chart is required.
After achieving a new all-time high in March in an irregular Elliott wave correction top, and then completing a five wave sequence from the previous correction at 38.5 k, Bitcoin corrected this run to below 60 k. In May and June the market has been building a new bullish structure in four completed waves, with only wave five remaining. Wave four of this structure has brought the price action back to the long-term trend line of the trading channel of the BTC market that has supported the market since the end of the 2022 crypto winter.
We should now expect a rejection by the trend line to further sideways or downward movement.
We should instead finally expect a strong upward trajectory to a new all-time high and beyond.
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