Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Is Bitcoin Ready To Rally To $85,000 And Beyond?

By Dr. Arnout ter Schure CryptocurrencyJun 03, 2021 02:31PM ET
www.investing.com/analysis/is-bitcoin-ready-to-rally-to-85000-and-beyond-200584098
Is Bitcoin Ready To Rally To $85,000 And Beyond?
By Dr. Arnout ter Schure   |  Jun 03, 2021 02:31PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

In my update from mid-May, I anticipated “a complex price move down to the low $40,000s [ending diagonal] before the next more significant rally to as high as $90,000+ starts. I will have to change my point of view when Bitcoin rallies back above $59,000 from current levels with a severe warning to the bears on a rally back above $55,100.

I thought it would be an ending diagonal “until proven otherwise,” as I recognized I had “not enough price information available to confirm it.” As Bitcoin dropped quickly to the 161.80% Fibonacci-extension of (green) minor wave-1, measured from the top of minor wave-2, by mid-May it invalidated the diagonal pattern. See Figure 1 below.

As always, “anticipate, monitor and adjust if necessary” is all we can do. My anticipation was wrong, hence I adjusted. Regardless, looking down was the correct point of view, albeit we got a bit more than bargained for ($40,000 anticipated vs $30,000 achieved). The drop to $29,925 on May 19, the subsequent rally to $42,520 (the 100% Fibonacci-extension) and then the next drop to $31,007 can be viewed, in Elliott Wave Principle (EWP) terms as a 3rd, 4th, and failed 5th wave; respectively.

Figure 1: Daily Bitcoin candlestick chart, with EWP count and technical indicators

Bitcoin Daily Chart.
Bitcoin Daily Chart.

I do not prefer failed 5th waves, as those are rare and, thus, unreliable, but the market could care less what I prefer. If BTC can rally above the end of (green) minor wave-1 (April 25th low at $47004), I must view the complex irregular flat correction as complete. Then, ideally, the blue and red dotted arrows as outlined in Figure 1 should be the preferred path along which BTC should rally over the next few months. This path is accurate in price, but not in time.

Barring any Fibonacci-extensions of the waves, the cryptocurrency should then ideally target around $85,000 for (black) major wave-5 of (blue) Primary wave-III. However, there is also genuinely good, bigger picture, Fib-confluence in the $100K+/-10K region. I developed a three-step process to help me determine if the new uptrend has started. See Figure 1.

When BTC can check all three boxes it is, in my opinion, good to go. For now, it has not even checked off box 1 “move above the 200-day simple moving average.” Thus, there is still considerable downside risk. Namely, the above outlined bullish path only remains preferred and in play if BTC can stay above Sunday’s low ($33,425) and especially $29,925. Any drop below these level targets ideally $24-27.5K instead before the mentioned multi-month bull run starts.

Is Bitcoin Ready To Rally To $85,000 And Beyond?
 

Related Articles

Crypto Briefing
Polygon Jumps 25% On Korean Exchange Listing By Crypto Briefing - Oct 15, 2021

Upbit has listed the MATIC token for trading. Polygon has rallied over 25% on news that the Korean crypto exchange Upbit has cleared the MATIC token for trading. Polygon Reacts to...

Jason Sen
Crypto Resistance By Jason Sen - Oct 15, 2021

Bitcoin dipped to 55900, holding just above support at 53600/500 as we hit the next target of 58500 and resistance at 59400/600 this morning as predicted. Ripple we are long at...

Is Bitcoin Ready To Rally To $85,000 And Beyond?

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (12)
jason xx
jason xx Jul 10, 2021 7:49AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Where do we stand now? we held 32.5 repeatedly. Is that close enough?
Fungus Amongus FA
Fungus Amongus FA Jun 05, 2021 2:57PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
LOL , if these F-tards are good enough , they would be trading with their own money , instead they are selling sub
jason xx
jason xx Jun 05, 2021 2:57PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They cant do both?
Việt Ông Văn
Việt Ông Văn Jun 04, 2021 10:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
BTC is in bear market. Based on historical data, I think BTC can touch 20k by year end.
jason xx
jason xx Jun 04, 2021 10:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The fact is that BTC is not in an organic bear market it was forced into it by communist dictatorship China banning its imprisoned citizens from using it. They dont believe in freedom
Muzaffar Gujjar
Muzaffar Gujjar Jun 04, 2021 2:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
nice pic
William Bailey
William Bailey Jun 04, 2021 1:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
And if cows fly!! He’s crazy as a loon. The free credit created by the Fed and government in the form of QE/tax cuts/corona virus aid is all that fueled the crypto-tulips... as simple as that . The ability to create more credit is greatly diminished and the liquidity fueling cryptos will vanish , in fact, cryto unjulations are destroying liquidity generated by the Fed!! Buffet “ cryotos are rat poison squared to the markets” . Crytos are capitilized by cash, but cryptos ( supposedly a currency ) capitilize nothing!!! Cryto is worth nothing , zero, nada , zip
jason xx
jason xx Jun 04, 2021 1:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1 coin is worth 33.5K right now so you are living in a delusion for starters
Harem Gyan
Harem Gyan Jun 03, 2021 7:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Greg Pomering
Greg Pomering Jun 03, 2021 7:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
buy and hodl...buy on dips!!! same as always
Chopin Liszt
Chopin Liszt Jun 03, 2021 6:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you mean 85000 hongkong dollars or taiwan dollars
Janejane SoLomon
Janejane SoLomon Jun 03, 2021 5:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
nice
PoeT Lwinhtike
PoeT Lwinhtike Jun 03, 2021 4:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
nice
Roy Badr
Roy Badr Jun 03, 2021 3:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
let's be honest the cryptocurrencies market are moved by news and the best thing to do is to focus in the next big resistance and not the price of the next 3 years
Faruuk oyekanmi
Faruuk oyekanmi Jun 03, 2021 3:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
That is nice sir
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email