Bitcoin - 130k by January, then crash to 60k!
2024-10-14

Comment your altcoin, and I will make a technical analysis for you!

Bitcoin is almost ready to start a new and last huge wave to the upside! My target is around 130k for multiple reasons, which I will tell you in this analysis. But what happens after Bitcoin hits 130k? We all know that Bitcoin is extremely volatile, and during its bearish cycles, a 70% - 80% is standard. We can definitely expect a crash from 130k to 60k in the next bearish cycle to retest the current bullish flag (that you can see on the chart). That's why it's very important for you to take profit and potentially enter a long-term short position on futures!

Why is 130K important? First we have the 0.618 fibonacci extension measured from wave 1+3 -> wave 4. Also, we have the long-term trendline of this bullish cycle, which is even stronger dynamic resistance level! 

From the Elliott Wave perspective, we need to complete this impulse wave and make the last wave 5! This wave 5 already started at 49k in August. On the chart, we can see 2 major consolidation periods marked as wave 2 and wave 4. 

The best plan on Bitcoin is to buy it and sell around 130k, then enter a short position on futures to make money in the next bearish cycle. You will also get funding fees for holding your short position!

 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.