There is more to Bitcoin fluctuations than Elon Musk's tweets
Back in March and early April when bitcoin climbed to its all-time high of over $ 64,000, almost all expressed high hopes for further optimistic Bitcoin outlook.
Here are just a small example of headers:
Could BTC Really Reach 115kdollars by the end of summer? (Nasdaq.com, March 17) Increased demand for options indicates an even stronger Bitcoin price (Newsweek, April 1) Bitcoin Price Predictions: Will BTC Reach $ 95k By 2022? (Yahoo! Finance, April 2)
In our U.S.The April 12 Short Term Update marks this highly speculative fervor for cryptocurrencies and states, "Bullish sentiment for cryptocurrencies, and Bitcoin in particular, is extreme and consistent with a change in trend."
Well, just two days later (April 14th) Bitcoinpeaked at $ 64,858. Since then, the price of this "grandfather" of cryptocurrencies has dropped in half as recently as June 8, when Bitcoin was trading around $ 32,000. At the time of this writing, June 9, the price has risen to $ 36,000. The question arises: is the bottom visible? This is where the rules and guidelines for Elliott Wave price formations come in handy.
As the classic Wall Street book saysFrost and Prechter "The Elliott Wave Principle: The Key to Market Behavior": "One of the indications of the Wave Principle is that two of the motive waves in a five-wave sequence will tend to be equal in time and magnitude." The question then becomes, if Bitcoin does fall in a five-wave sequence from the April 14 high, which wave of decline is currently underway and which wave will be next? Often the "two motive waves" equal "in time and magnitude" are the first and fifth waves. We are tracking Bitcoin's decline in real time, so we know that it has reached a price transition where we can apply a little math and determine a price target for the bottom. You can see this analysis in full, including our Bitcoin price targets, right now in our flagship investor package.
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PySy. From my point of view, if an impulse is assumed from the top, then there is a 4th wave in it. But it can also be a complete zigzag.
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