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 price of Bitcoin began to correct, and it has been almost 6 months that Bitcoin has been forming a correction pattern, and until today, it has had a 24% price correction.
Bitcoin Forecast by NEoWave
The higher degree pattern in Bitcoin appears to be a Running Neutral Triangle. It is clear that wave (B) is larger than (A) and wave (D) is larger than (C). Wave (B) of this triangle is a reverse contracting pattern, wave (C) is a double combination pattern (zigzag + reverse contracting triangle) and wave (D) has become diametric.
Currently, we can say with high probability that the wave (E) of the Running Neutral Triangle is forming and it seems that it will be diametric.
According to the explanation above, the wave (E) of the Running Neutral Triangle can end at $53067-50655. This support range is very important and strong . It has once prevented a heavy fall in the price of Bitcoin. After the price correction ends, Bitcoin price can move towards $100,000.
If the range of $50655-53067 is broken by the price, the wave (E) can extend to the range of $44000-43000.
Good luck
NEoWaveChart
