Bitcoin's pattern calls for new and higher all-time highs
Bitcoin's pattern and recent price action suggests new all-time highs are on the horizon.
If you stand back and look at the price action from the summer 2021 low, you can clearly see 3 waves rally. (see the black trend lines).
Now, I have this listed as an extended wave 3. But, if we were to play devil's advocate for a moment, the market moves in patterns of three and five waves. Could this be all of the 3-wave move and bitcoin is getting ready to plummet to 30k?
I don't think so. From the recent high, the market corrected lower in 3 waves then rallied in 3 waves. (see the blue lines) This is a big clue that bitcoin's next move will hold above 40k while reaching to new highs. Once bitcoin reaches new highs, then the possibility of a deeper cut to the mid-30s might be considered. Remember, this is just laying out a bearish scenario which in the end I believe will prove to be lower probability.
The higher probability count I'm looking at is what is shown on the chart. Bitcoin is unloading an extended third wave to the upside that will reach greater than 100k.
If you stand back and look at the price action from the summer 2021 low, you can clearly see 3 waves rally. (see the black trend lines).
Now, I have this listed as an extended wave 3. But, if we were to play devil's advocate for a moment, the market moves in patterns of three and five waves. Could this be all of the 3-wave move and bitcoin is getting ready to plummet to 30k?
I don't think so. From the recent high, the market corrected lower in 3 waves then rallied in 3 waves. (see the blue lines) This is a big clue that bitcoin's next move will hold above 40k while reaching to new highs. Once bitcoin reaches new highs, then the possibility of a deeper cut to the mid-30s might be considered. Remember, this is just laying out a bearish scenario which in the end I believe will prove to be lower probability.
The higher probability count I'm looking at is what is shown on the chart. Bitcoin is unloading an extended third wave to the upside that will reach greater than 100k.
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