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Bitcoin: Can It Reach $42000+?

By Dr. Arnout ter Schure CryptocurrencyJun 29, 2023 01:51PM ET
www.investing.com/analysis/bitcoin-can-it-reach-42000-200639531
Bitcoin: Can It Reach $42000+?
By Dr. Arnout ter Schure   |  Jun 29, 2023 01:51PM ET
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Last week, see here, we found using the Elliott Wave Principle (EWP), Bitcoin (BTC) made an almost picture-perfect Fibonacci-based impulse pattern on several wave degrees, and we were looking for:

a W-2/b pullback to ideally $25600-26200, … and then the next rally should target at least $28000 but preferably $29500+ for green W-3/c.

Moreover, we communicated:

Thus, if we see five green waves up from last week’s low develop to ideally around $30500 over the next few days to weeks, then we know those five are only W-i of W-c of W-B. For now, we take it step by step at this stage and focus on green W-2/b and 3/c. Once complete, we will monitor for the potential, albeit highly likely, green W-4 and W-5.

Fast forward, BTC dropped to $26260 for W-2 ($25600-26200 forecasted), rallied to $30776 for green W-3 ($29500+ forecasted), and topped on June 23 at $31413 (around $30500 forecasted) for green W-5. Proving how well the EWP works to predict BTC’s price movements. See the blue box in Figure 1.

Figure 1

Daily Candlestick Chart of BTC With Several Technical Indicators
Daily Candlestick Chart of BTC With Several Technical Indicators

Thus, BTC presented us with the anticipated five green waves, reaching their forecasted targets. Therefore, our view from last week (see below) means the caveat can now be removed, and BTC should be getting ready for that (black) C-wave rally.

Bigger picture-wise, the larger (black) b-wave we have been tracking –[see Figure 2 below] - has likely bottomed, and a C-wave rally to $36-48K, with $42K as the optimal middle, should be underway, with the only caveat that this is a smaller counter-trend (a-b-c) bounce staying below the April high.

Figure 2

Monthly Candlestick Chart of BTC With Several Technical Indicators
Monthly Candlestick Chart of BTC With Several Technical Indicators

From the EWP, we know C-waves comprise five waves. In this case, red waves W-i, ii, iii, iv, and v. Red W-i has now topped as it formed five smaller green waves, and red W-ii should now be underway, targeting ideally $27750-29000. But corrections can also move more through time than price, and we may see the blue support zone ($29K+/-500) hold. See Figure 1.

Regardless, thanks to the EWP, we know:

after five (green) waves up, expect three waves down (red W-ii) and another five waves back up (red W-iii).

And that is what we will be tracking over the next few days to months.

Bitcoin: Can It Reach $42000+?
 

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Bitcoin: Can It Reach $42000+?

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Comments (15)
mpnahid islam
mpnahid islam Jul 20, 2023 8:48PM ET
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I think my darts are sharper than yours; $14K late 2024.
HULU LULU
HULU LULU Jul 10, 2023 10:39AM ET
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BUY GOLD INSTEAD
md shahrier
md shahrier Jul 03, 2023 3:00AM ET
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hey
Ssetuba Ronald
Ssetuba Ronald Jul 02, 2023 3:06PM ET
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Ssetba@Ronald
Ssetuba Ronald
Ssetuba Ronald Jul 02, 2023 3:06PM ET
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Fik
Check Mate
Check Mate Jul 01, 2023 2:55PM ET
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Site is biased beyond political sway. Posted last evening why bitcoin will see 19K before 42K, will not waste effort re posting analysis. NOT ZEE at gate must have a huge position of a at least a tenth of a  coin in it's portfolio.
Mb Sohel
Mb Sohel Jul 01, 2023 9:32AM ET
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this your head
Check Mate
Check Mate Jun 30, 2023 8:02PM ET
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You can analyze the hell out of past data and present pretty charts to the unaware. But, as Bitcoin is based on nothing, you only have algorithmic AI trading that controls the tiny market cap of Bitcoin.  So you only have models and subsequent algos based primarily on Sneed, Elshof, Mcclure and a select few others that are driving market participation based on FOMO. That can only hype the pool so far. The FIB retraces are only matched by the sheeple mentality... it's supposed to touch and retrace because the numbers say so, as with all charting methodologies. The algos with the growing influence of AI are able to run the charts, just as this author analyzed a $42K price, suck in the sheeple, scrape the cream and repeat. Probably see 19K before 42K, because 19K gives the sheeple hope to whatever the wizard is predicting as the next higher level, rinse, repeat.
Faruk Mohammed
Faruk Mohammed Jun 30, 2023 3:03PM ET
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Interesting analysis. Now that BTC retraced back to $29k-$30k price level to grab liquidity, should we be expecting an upward move to $40k+ or is it still gonna dip a little cos i wanna add a small amount to my portfolio
Keith L
Keith L Jun 30, 2023 10:01AM ET
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BTC to the moon.. 🚀🚀🚀
bashir Muhammad
bashir Muhammad Jun 30, 2023 3:49AM ET
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It could but I believe it's time to watch out for altcoins before a BTC mini run. On my watchlist is APT & FAVOR rn
 
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