Elliott Wave Analysis of BTC/USDT
2025-02-03
Category: None

Overview 

This analysis focuses on the Elliott Wave count of BTC/USDT, starting from the significant low on November 21, 2022, at $15,484.34. The price movement since then has followed a structured wave pattern, with identifiable impulse waves and corrections.

 Wave Structure 

 Wave (1): 

BTC initiated its uptrend, forming minute degree wave (1) on April 14, 2023, reaching a high of $31,019.60.

 Wave (2): 

A corrective phase followed, bringing BTC to a low of $24,899.97 on September 11, 2023.

 Wave (3): 

After completing wave (2), BTC started an impulsive move for wave (3), which culminated on March 14, 2024, at a high of $73,800.

 Wave (4):
 
A time-based correction followed, marking a low of $48,974 on August 5, 2024.

 Wave (5):
 
The final impulsive wave (5) then unfolded, reaching an estimated high of $109,900 on January 20, 2025.

 Post-Wave (5) Projection 

After the completion of wave (5), a corrective phase is expected. Based on the Fibonacci retracement tool, BTC is anticipated to retrace 50% to 61.8% of its entire impulse move. This suggests a retracement zone between approximately:

 $62,659.89 (50% retracement)

$51,521.34 (61.8% retracement) 

BTC is expected to consolidate within this range before forming a new directional trend.

 If price breaks $89,414 early, it will be clear confirmation of the completion of wave (5). 

 Conclusion 

The Elliott Wave count suggests that BTC has completed a five-wave structure and is now poised for a corrective phase. Traders should watch for price action around the Fibonacci retracement levels to assess potential support and future market movements.

 Disclaimer 

 This analysis is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry risks, and past performance is not indicative of future results. Always conduct your own research and consult with a professional before making investment decisions.