Bitcoin: Next stop 12500
Updated
Bitcoin has been correcting in an ABC pattern since December last year. Five waves of the A wave were completed at around 6400. The B wave started at this level.
The B wave itself is made up of smaller a, b and c waves. I correctly predicted the start and the target of the latest correction wave (see some charts copied below). Now, I think that there are two possibilities:
Interestingly, Bitcoin will move up to around 12500 in both situations! Other altcoins are also expected to follow a similar pattern.
Cheers
ND
The B wave itself is made up of smaller a, b and c waves. I correctly predicted the start and the target of the latest correction wave (see some charts copied below). Now, I think that there are two possibilities:
- Bitcoin could have already completed smaller a and b waves and could now be getting ready to move into the smaller c wave (see a chart below). The big B wave will complete after the completion of smaller c wave.
- It could have only completed wave (i) of the smaller a wave and the rest of the structure of waves a, b and c is yet to unfold (see the main chart above).
Interestingly, Bitcoin will move up to around 12500 in both situations! Other altcoins are also expected to follow a similar pattern.
Cheers
ND
Note
Wave count if Bitcoin has already completed smaller a and b waves and is now moving into the c wave:Note
Prediction of below 8000 levels on May 6 when everyone was bullish
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Prediction of the start of b wave
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Achieved the target
Note
Note that the idea presented above is on a weekly time frame. On a shorter time frame, Bitcoin may still drop further, but it is a bit tricky to accurately predict the bottom of the market.
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