Bitcoin is making Wave 5 and will peek by end of 2021
Hello Traders!
I've seen many interpretations of current Bitcoin cycle in the framework of Elliott Wave theory, and they are all different. So let me present my view as well.
First cycle:
Wave 1 of the Grand Supercycle (Violet line) was the first rally which lasted 3 years (2011-2014), on the chart you can see it comprising 5 waves. Wave 2 was a year-long retracement when bitcoin lost 85% of its price.
Second cycle:
Wave 3 of the Grand Supercycle also lasted 3 years (2015-2018) and famously peaked at 20K in December 2017. Then it retraced 85% during a single year.
Third cycle:
Wave 5 of the Grand Supercycle will last approximately 3 years (2019-2022). Right now we are in making of wave 3 (blue line) of the Grand Wave 5 (Violet line), which will peek during Sep'21-Jan'22.
In 2022, Bitcoin will probably enter ABC correction of the Grand Supercycle, but it's too early to talk about it. Let's see how the market will unfold.
Credit to BillCharison and MagicPoopCannon for valuable guide on Elliott Wave theory. Check out the related ideas.
If you like this idea, click that Like button!
Enjoy your time
I've seen many interpretations of current Bitcoin cycle in the framework of Elliott Wave theory, and they are all different. So let me present my view as well.
First cycle:
Wave 1 of the Grand Supercycle (Violet line) was the first rally which lasted 3 years (2011-2014), on the chart you can see it comprising 5 waves. Wave 2 was a year-long retracement when bitcoin lost 85% of its price.
Second cycle:
Wave 3 of the Grand Supercycle also lasted 3 years (2015-2018) and famously peaked at 20K in December 2017. Then it retraced 85% during a single year.
Third cycle:
Wave 5 of the Grand Supercycle will last approximately 3 years (2019-2022). Right now we are in making of wave 3 (blue line) of the Grand Wave 5 (Violet line), which will peek during Sep'21-Jan'22.
In 2022, Bitcoin will probably enter ABC correction of the Grand Supercycle, but it's too early to talk about it. Let's see how the market will unfold.
Credit to BillCharison and MagicPoopCannon for valuable guide on Elliott Wave theory. Check out the related ideas.
If you like this idea, click that Like button!
Enjoy your time
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