Bitcoin: Only a Bounce or a New Bull?
Dr. Arnout ter Schure | Sep 28, 2023 21:14
In our last update, see here, we presented two Elliot Wave Principle (EWP) options for Bitcoin (BTC), as well as its halving-cycle-related four phases. More about those in a later update. We found,
“Currently, [BTC] is in a corrective wave, red W-ii, which should ideally subdivide into three smaller green waves, with green W-a completed this week. Green W-b to ideally 29.5+/1.0K is now underway, followed by green W-c down to ideally $21.7-23.6K. Once red W-ii ends, W-iii (the third wave) will kick in and propel BTC to six digits. The alternative to this long-term Bullish EWP count is that red W-ii is already complete: labeled as “alt: ii.”
Fast forward, and BTC is holding above its 9/11 low at $24,919 and has so far staged a two-wave rally: grey W-a, and W-b. The latter bottomed, most likely, on 9/25 at $26,004; right in the forecasted target zone. Now grey W-c of green W-b should be underway to ideally $28500-30000. See figure 1 below.
Figure 1. The daily chart of BTC with several technical indicators
Figure 2. The daily chart of BTC with several technical indicators
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