BITCOIN Mega Bull Run?!
2024-11-12

📈 BTC/USDT Elliott Wave Analysis 📈 

🚀 BTC appears to have completed a corrective ABCDE structure within a descending channel, and it has since broken out, establishing a new impulsive trend. This suggests a bullish outlook and an extended Wave 3 formation in progress.

 🔍 Wave Analysis: 
🔸  ABCDE Pattern Completion:  The previous downtrend ended with a clear ABCDE pattern, potentially part of a larger complex correction like WXYXZ. This was followed by a breakout, marking the end of the corrective phase and the start of a new bullish impulse wave.

🔸  Wave 1 and Wave 2:  After the breakout, BTC completed Wave 1 upwards, with Wave 2 retracing back to test the breakout level. This pullback aligned with the 0.5 Fibonacci level, creating a confluence zone and confirming strong support.

🔸  Wave 3:  The current Wave 3 appears to be an extended wave, signaling a strong bullish trend. This extended wave often includes five smaller sub-waves within it, targeting higher Fibonacci extensions. Based on historical patterns, the initial target for Wave 3 aligns with the 2.618 Fibonacci extension, with a secondary, more ambitious target around 3.618 if the trend remains strong.

🎯 Target Levels:
📌  Blue Wave 3 Target 1:  Around $97,645 – This is the first target within the smaller structure of the current extended wave.

📌  White Wave 3 Target 1:  Around $102,731 – A significant level, representing a larger Wave 3 target.

📌  Wave 5 Target 1 and Target 2:  Final targets for the overall wave structure at $112,903 and $119,420 respectively, which may be reached if the bullish momentum continues through to Wave 5.

 📊 Conclusion: 
💹 The extended Wave 3 suggests a strong bullish trend, with targets extending as high as $119,420 in Wave 5. Keep an eye on the volume and momentum 📈 as BTC progresses through these key levels. 

⚠️Disclaimer:⚠️
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital