- Bitcoin will soon have completed sub-wave 5 of its wave 5.
- BTC could reach a peak between $29,800 and $33,500.
- The course has completed a short term 4th wave downturn.
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On December 27th, Bitcoin (BTC) reached a new record high of $28,422.
Despite the continued rise, the wave count suggests that Bitcoin Revival is rapidly approaching the peak of its current movement. This could indicate that a corrective movement will take place in the near future.
Click here to view the previous BeInCrypto wave analysis articles on Bitcoin.
Bitcoin Long Term Wave Counting
The long term count of the BTC suggests that the price is approaching the peak of the wave 3 cycle (in white), and that it is currently in wave 5 (in blue).
Once it reaches a peak and the corrective movement begins, a correction covering the entire movement started in September will be expected.
In addition, due to the hollow wave 2 (shown in red) and the principle of alternation, one would expect a much deeper wave 4. The latter could bring the BTC down to $19,137 or $16,943, representing the fibonacci retracement levels of 0.5-0.618 of the entire movement.
Cryptomurrency trader @TheTradinghubb highlighted a CTS chart indicating a possible high between $29,000 and $32,000. The wave count is consistent with the one we highlighted, in which the CTO is completing wave 5 of the wave 3 cycle.
Further observation of the movement shows that the BTC is also in sub-wave 5 (in orange) of wave 5 (in blue).
Using a fibonacci extension on sub-wave 1 gives a potential target close to $29,800 or $33,600. These are the fibonacci extensions 3.61 and 4.61 in sub-wave 1.
BTC Future movement
Finally, the shorter term, two-hour graph shows that after passing a 4th wave triangle, the BTC has completed minor sub-waves 1 to 4 (in black).
Thus, the BTC appears to be in the minor sub-wave 5 (in black) of the minor sub-wave 5 (in blue) of wave 5 (in orange) of the wave 3 cycle, so a considerable correction is expected once this movement is finalized.
Finally, the shorter 30-minute chart suggests a final minor sub-wave rise before the CTS reaches its peak. This is noticeable due to the formation of 4th wave setbacks.
A decline below the top of minor sub-wave 1, at $24,661, would suggest that the correction has begun.
BTC 4th wave pullback
The price of Bitcoin is expected to complete another short-term upward movement to around $29,800 before beginning a correction.