🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Bitcoin: Early Stage Bull Underway?

Published 10/23/2023, 03:19 PM

It’s been a month, see here, since we last presented our Elliot Wave Principle (EWP) update for Bitcoin, as it barely moved until October 16. But that all changed that day. Namely, in our last update, we found,

If BTC stays above $26,004 and especially the 9/11 low at $24,919, it can try to establish an impulse move higher (Waves 1 through 5 from the 9/11 low). BTC is [then] ready to target around $30-33K before we see the next buyable pullback. Regardless, based on BTC’s past cycles, made up of four more minor phases, it is currently in the accumulation phase and thus close to the next Bull run, which can target $100-200+K.”

Fast forward, and BTC held above its 9/11 low and broke out above its (red) 200-day Simple Moving Average (200d SMA) on October 16 (green horizontal arrow). See Figure 1 below.

Figure 1. The daily chart of BTC with several technical indicators


Since then, it has moved steadily higher and should now be in grey W-iii of green W-1. Moreover, in early October, BTC broke out above the purple trend line that connects the bounce highs in 2022 with the all-time high (ATH) made in 2021—a significant development. Thus, as you can see, a lot can happen in two weeks. It, therefore, pays to stay informed more frequently than only once every other week because that breakout made us even more Bullish.

Bigger picture-wise, BTC should now be in red W-iii of black W-5 of Blue W-V of Purple Cycle-3, targeting ideally ~$106K. See Figure 2 below.

Figure 2. The monthly chart of BTC with several technical indicators, 4-year cycles, and 1-year phases


However, based on BTC’s logarithmic growth curve, we could see well over $200K by the end of 2025. However, we can fine-tune those targets when we get closer as, for now, the order of the day is to track five waves up. If those fill in, the next pullback (green W-2) will be a low-risk buying opportunity.

Regardless, we have not changed our overall, longer-term POV, which BTC is proving more and more correct for each day that passes in that,

Based on BTC’s past cycles, made up of four more minor phases, it is currently in the accumulation phase and thus close to the next Bull run, which can target $100-200+K by the end of 2025.”

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.