While there is some danger of a deeper correction in the near future, the longer term picture is strongly bullish:
- Bitcoin is clearly in an uptrend on the monthly timeframe. Higher highs and higher lows. Even crashing all the way down to 30K will not violate it.
- Elliot waves: we have completed 3 waves so far and we're in the wave 4 right now. Wave 5 can be expected next once the current correction/consolidation is finished.
- The cycle is far from over yet. It can last until the end of 2025 and the new ATH can be estimated to occur somewhere between November and February. Read more in this post.
- Monthly RSI hasn't reached the extreme values it reaches every market cycle top yet. It can be expected to reach 87-88 this time based on the trend line you can see on the chart below.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.