About Bitcoin
After Bitcoin ETFs were approved by the SEC, the price of Bitcoin rose almost 60% to $73,777. The market thought that the price of Bitcoin would go to $100,000 without correction, but contrary to the market’s expectation,the Bitcoin price was in a correction phase for 6 months, and after almost 6 months and the re-election of Trump as President of the United States, Bitcoin returned to its upward trend.
Bitcoin Forecast by NEoWave(Update)
Previous Bitcoin analysis confirmed
In previous analyses, I had said that Bitcoin was forming a Neutral Triangle as a higher degree pattern and the neutral triangle was confirmed by breaking the B-D trend line, but considering the waves that formed, it seemed that I should make a slight change in the wave counting.
In the previous analysis, I had considered wave-C as a double pattern (Flat – X – Reverse Contracting Triangle), but it seemed to have a degree problem, so in the new analysis, I considered wave C as a bowtie diametric. After wave C, you can see that the waves have similar time and price, so it seems that wave D will be a diametric.
Conclusion:
It is now clear that we are in wave-e of D, this wave can continue to the range of $ 143,000-150,000 (currently wave-e is in a short-term corrective phase in the form of a diamond diametric, which can fluctuate for a short time between the range of $ 92,000-108,000 and then move towards the mentioned targets. these targets will be achieved if the price breaks the important range of $ 100,000-110,000.
After the completion of wave-e Bitcoin will enter wave-f, which can decrease to the price range of $100,000-115,000 and spend 3-5 months and then move towards $ 180,000.
The higher degree pattern can still be a Running Neutral Triangle but it is too early to draw conclusions about the higher degree pattern.
Good luck
NEoWaveChart
