Bitcoin - Long Term outlook based on EW and round numbers
Updated
Calling for 100k on BTCUSD, most likely in 2020.
Elliot Wave theory indicates that we still have a bullish wave left in bitcoins genesis impulse. This wave count seems most likely and is supported by the fact that we did not see a momentum divergence between the two recent major tops, implying that we have not yet seen the 5 wave which would complete the set.
Two major highs project a trend line which at the moment is our only obvious guide into future price discovery. Due to bitcoins fondness of nice round numbers, as well as this trend line, I'm looking at 100k for a final top, setting up the momentum divergence and leading into a higher scale market correction.
There isn't a whole lot to go off here, a prediction this far out could be more detailed by good fundamental analysis, but that's not my thing. We can have some confidence in the idea that this impulse is not complete, and price is likely to reach the upper trend line in the future.
Elliot Wave theory indicates that we still have a bullish wave left in bitcoins genesis impulse. This wave count seems most likely and is supported by the fact that we did not see a momentum divergence between the two recent major tops, implying that we have not yet seen the 5 wave which would complete the set.
Two major highs project a trend line which at the moment is our only obvious guide into future price discovery. Due to bitcoins fondness of nice round numbers, as well as this trend line, I'm looking at 100k for a final top, setting up the momentum divergence and leading into a higher scale market correction.
There isn't a whole lot to go off here, a prediction this far out could be more detailed by good fundamental analysis, but that's not my thing. We can have some confidence in the idea that this impulse is not complete, and price is likely to reach the upper trend line in the future.
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