BTC long term prediction (weekly chart Elliott wave)
I drew an Elliott wave from the high in 2014 to today. The second wave ends at 0.618 of the first wave, and is followed by a gigantic third wave measuring 17.618 times the length of the first wave. The fourth wave is identified by the triangle that's currently forming, because this formation is usually found in fourth waves. From this triangle, I drew two possible outcomes.
A downward break could lead to 4000 by October. I chose this date because this is when the 4000 resistance intersects with the bottom channel. The subsequent target of 54,000 by 31DEC is very optimistic. It represents 2.618 times the entire length of waves 1 to 3. I tried a more "pessimistic" count for wave 5 but I couldn't make it fit within the channel in such a way that it would happen within a reasonable amount of time.
As for a confirmed upward break (which I think is unlikely), it would mean the end of wave 4 and the beginning of wave 5 as it exits the triangle. I still put the target at 2.618, but this time adjusting the channel would mean that this goal could be reached by September.
A downward break could lead to 4000 by October. I chose this date because this is when the 4000 resistance intersects with the bottom channel. The subsequent target of 54,000 by 31DEC is very optimistic. It represents 2.618 times the entire length of waves 1 to 3. I tried a more "pessimistic" count for wave 5 but I couldn't make it fit within the channel in such a way that it would happen within a reasonable amount of time.
As for a confirmed upward break (which I think is unlikely), it would mean the end of wave 4 and the beginning of wave 5 as it exits the triangle. I still put the target at 2.618, but this time adjusting the channel would mean that this goal could be reached by September.
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