Bitcoin (BTCUSD) Next Bullish Leg In Progress

March 5, 2024 By EWFHendra

Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests that cycle from 2.1.2024 low is in progress as an impulse. Up from 2.1.2024 low, wave ((i)) ended at 52998 and dips in wave ((ii)) ended at 50639.8. The crypto currency extended higher in wave ((iii)) towards 64105.7. Internal subdivision of wave ((iii)) unfolded as a 5 waves impulse in lesser degree. Up from wave ((ii)), wave (i) ended at 51958.1 and pullback in wave (ii) ended at 50909.5. The crypto currency extended higher in wave (iii) towards 57456.9 and pullback in wave (iv) ended at 56267.9.

Final leg wave (v) ended at 64105.7 which completed wave ((iii)). Pullback in wave ((iv)) ended at 58498.9. Bitcoin then extends higher again in wave ((v)). Up from wave ((iv)), wave (i) ended at 63676.4 and dips in wave (ii) ended at 60357.6. The crypto extended again in wave i towards 63260.7 and pullback in wave ii ended at 61437.3. Expect wave iii to end soon and the crypto to pullback in wave iv before turning higher again. Near term, as far as pivot at 58498.9 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

Bitcoin (BTCUSD) 60 Minutes Elliott Wave Chart

Bitcoin (BTCUSD) Elliott Wave Video

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BTC Rebound: A New Rally or Bull Trap?

After the sell-off on Tuesday, Bitcoin surged by 5.8% on Wednesday, reaching $67,002.84, driving an overall uptrend in the digital asset market. Bitcoin had reached a historic high of $69,191.95 on Tuesday before swiftly dropping below $60,000. According to data, the range between the high and low points on Tuesday exceeded 14%, marking the largest price fluctuation for Bitcoin this year. -------------------- How do you view? Will Bitcoin Pullback or Push Higher? What's your target price for Bitcoin?

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Bitcoin (BTCUSD) Next Bullish Leg In Progress