BTCUSD: Bitcoin Prepares for New All-Time High Near $99.4KBy or during Spring 2024, Bitcoin should be near its next destination within the expected price itinerary ($99.4K). After taking a Beary Bad beatdown over the past 8 months, the gloomy sentiment of further capitulation has settled within the minds of many retail traders. Making the timing ripe for the market to feast.
According to the waves we've witnessed from June until now, I on the other hand think that Bitcoin has instead taken all the abuse it will allow from the Bears, for now.
With a 73% reduction in value from its current all-time high at $70K, price action has seemingly formed a vey sharp zig-zag wave downward. Based on my personal wave count from Bitcoin's very first all-time low candle, I think the macro pattern spells out a pending pump for the Digital King.
Forming what I believe to be a Leading Diagonal from June's bottom price at $17.6K and ultimately pushing up to the range of $25K, the Digital Surf Gang and I were totally expecting a deep dive back to the range of $18-$20K for a major test and a likely level of discovered macro support. If I had to be more specific on the expected support level, I'd guess that it comes near $20.1K, in a matter of hours from now. With an apparent Leading Diagonal in Wave 1 (of a hypothetical Wave A), I expect Wave 3 of said Wave A to become extended in form. This extension would likely get Bitcoin back above $40K by October of this year (2022).
Looking beyond the nearest term pump, I believe that Bitcoin will reach the $99.4K mark by Spring of 2024 . As you can see on my chart, though I'm confident that a new all-time high comes, it'll likely only be a big trap as the ascending move would be due to come in corrective form, instead of impulsive. Not too long from now, many traders and investors will better understand why it is better to 🏄 than to #hodl (if they haven't already).
