Greeting traders and investors from around the word. I hope you had a wonderful holiday season... As we step into a new year, I taught I should bring to your notice my thoughts on the current price chart of bitcoin. 2022 was obviously not a good year for the world largest crypto by market cap as well as most of the altcoins. From my Elliott wave count, am of the opinion that this years will most likely not be good for the crypto market as well. My lead hypothesis suggest that from the March, 2020 low we have what I will arguably describe as a complete five wave impulse. The decline we have seen mostly throughout 2022 equally appears to have almost completed another five wave declines which argues that the larger trend is still to the downside. However, a countertrend rally is around the corner as this will see bitcoin rally upto the 30K - 35K area of resistance before the dominant trend which is to the downside resume. While there are room for more alternative counts, this remain my primary counts and I will look forward to see how bitcoin will trade in the coming weeks ahead. Stay safe and have a prosperous new year. Please don't forget to leave a like and comment. Let me know of your thoughts as well.
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