Elliott Wave Count on Bitcoin

1. Juli 2021

BTCUSD

Many are expecting Bitcoin to drop to $25,000 USD or even $20,000 USD. If that where to happen, it needs to happen within the next 2 or 3 weeks, otherwise I doubt it will at all. Others are expecting Bitcoin to climb to around $50,000 USD first, and the drop to $25,000 USD. I don´t favor that scenario either.

By Mid-December 2019 we started a New Long-Term Bull Market on Bitcoin, of which we already seen, as seen in the chart, Primary Wave I, Primary Wave II, Primary Wave III, Primary Wave IV, and have already started Primary Wave V to new all-time highs.

To confirm that the bottom of this correction is in at $28,500 USD, we need to go above $41,250 USD on the BTC-USD chart.

Primary Wave IV, seems finished, and it looks like it took the form of an Expanded Flat Pattern.

There are positive divergences on the RSI and MACD indicators, favoring the bullish outlook.

Also, Primary Wave I took 193 days. If Primary Wave V where to last the same time, and where to finish at the end of the year. Then, Bitcoin must have bottom already.

A break below $28,500 would invalidate this count and suggest we are going to 25k or 20k fast.

I hope you find this interesting and good luck to you.