Long

Bitcoin: Breaking Through the $80,000 Barrier?

Updated

Bitcoin has yet to significantly surpass its all-time high, as we are still hovering just below the $69,000 mark. It might now be time that we could see a Wave (4), which should lie between the 38.2% and the 50% Fibonacci retracement levels. We believe that around 38.2%, specifically at $50,277, we might see a substantial amount of buying volume. Depending on where we conclude Wave (4), the possible upside should lie between $79,000 and $105,000, with $105,000 being the maximum level, which is not entirely likely, but we should at least reach $80,000. Then, we should conclude the overarching Wave I with a larger Wave II correction. However, this still has some time to unfold.

Note

We move our stop loss again, no need to get greedy. New stop loss stands at $58846.76.
Bitcoin's performance remains simply incredible, having now broken through the $70,000 mark. Our next, and nearly last, potential target is around $81,000. Theoretically, reaching the 461.8% level is possible, but such occurrences are exceptionally rare. Therefore, we continue to believe that $81,300 is the realistic maximum Bitcoin can achieve at this point. After reaching this peak, we expect to see a transition into Wave (4), followed by Wave (5), and the completion of the overarching Wave I. There is a smaller possibility that we could have seen the top of wave 5 here and the first weakness with the sharp drop, maybe developing the wave (a). Therefore we should flip the level of $73.000 to make sure this surge holds on. We will move our next entry to the exact location once we determine the first weakness.

Note

Bitcoin continues to be simply incredible. We've reached $73,000, briefly surpassing it, but now hovering just below $73,000. Unless we break out further, potentially heading towards $74,000 or even higher, and sustain that level for some time, we still believe a reversal is due because our maximum threshold remains at $81,300. However, the current structure doesn't necessarily support a significant move upwards. If it does happen, we'll adjust our expectations upwards, which is fine by us since we've been in a long position since the $40,000 mark. So, we're comfortably holding, watching how things unfold, and will adjust our new entry zone upwards as necessary when we see weakness. For now, our stop loss remains at $58,846. 💰

Note

It now seems likely that we have seen Wave (b) for Bitcoin, which exceeded the 138% level at $73,000. Following this, we might be observing Wave (c) of Wave ((a)), marking the corrective movement of Wave (4). We continue to expect that Wave (4) will reach between 38.2% and 50%, indicating a significant downside is still ahead for Bitcoin. This downturn could potentially flush some people out of the market, given that sentiment in the crypto market can shift quite rapidly from panic to greed and back again within a matter of days.

Note

For Bitcoin, we continue to believe that Wave ((a)) has concluded on the daily chart, and we anticipate the completion of Wave ((b)) the next days/weeks. We don't expect a zigzag correction but rather a flat structure, which should reach between 100% and 138%. Our initial entry at $40,000 remains open, and we plan to place a new entry for Wave (4) as soon as we have more information. Nonetheless, we maintain that in the coming days we might see a brief downward movement for a subordinate 3-wave structure, before assuming the offset for Wave ((b)), which should then lead to a 5-wave downward structure.

stromm_by_wmc

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