🔥 Why I'm Still Bullish: Bitcoin Elliot Waves Analysis

٧ يوليو ٢٠٢٣

Over the last few months I've made several Bitcoin analyses where I discussed the Elliot waves pattern I discovered. To this day, my prediction of price movement is spot on. With this analysis I wanted to give you all an update on where we are and what we can expect.

Below you find a couple of past analyses in chronological order.

Assuming that BTC will follow my Elliot Waves prediction, there's still more juice left in this run. The fact that we're consolidating (and not reversing) right below the 31k resistance is very bullish in my eyes. Only thing we need now is some kind of catalyst to push us through this massive resistance, be it bullish macro news, ETF approval, or simply a spike on low volatility.

What I'd prefer to see is a strong move through previous local tops (we've bounced off the 31,000 - 31,500 area like 5 times now), and an immediate move to 33,000 to confirm the break out and leave bears in disbelief.

My target area for this year remains the same: 36,500 - 40,000. Would be very surprised if BTC manages to break through 40k this year. But hey, anything is possible.

To invalidate this analysis I have to see a move below 25,200 (dotted purple support) before confirming a break out through 31k.

Are you bullish or bearish? Tell us why in the comments 🙏