Bitcoin - 130,000 by the end of the year! (BUY NOW)
2024-09-20

Bitcoin has been going sideways for more than 6 months, but this should end! On the chart, we can see a bullish flag, and the price action in recent days dramatically increased the probability of a bullish breakout! Even though I was bearish pretty much since May (72,000 USD) until now, this recent price action changed my mind to switch to a full bullish mod. I was right about the previous downtrends, but let's focus on recent data.

From the Elliott Wave perspective, we are starting another strong impulse wave (5). It looks like the sideways price action (wave (4)) is a very complex WXYXZ triple-three corrective pattern. On the chart, you can see the whole price action of this bullish cycle from 15476 USD. From a time perspective, it makes sense as the timeframe is pretty much the same as wave (2).

What is the target? We need to take the Fibonacci extension tool and look for the 0.382, 0.618, 1.000, 1.382 or 1.618. Waves (5) always measure from the begging on the uptrend to the end of wave (4). I estimated the target for around 130,000 USD. Also consider using LOG scale + linear scale together.

Bitcoin also reacted very positively to the decreasing interest rates at the FED's recent meeting on September 18. That is also something we need to consider. Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.