Elliott Wave Count Prediction For The Conclusion Of The Rally In Bitcoin

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This message from the CEO of Tesla is undoubtedly the most important headline that the world’s largest cryptocurrency has had in a while. With all the media hype surrounding this announcement, it’s no surprise I’m eating my words from my last article, as BTC has definitely hit a new all-time high at historical levels, closing at $ 44,590 yesterday, a gain of 17.3%.

This adoption by large, well-established companies is expected to increase over the course of 2021, and headlines like these are sure to spur public investment.

Toady Bitcoin continued to rally, closing the gap to $ 50,000. BTC futures are currently trading around 6% to around USD 47,500 on this day. If we enter our current Elliot wavenumber, which currently puts us in a fifth wave, we can determine where this current wave should end. By adding a Fibonacci extension that compares wave 3 to wave 5, and following the rule that the third wave cannot be the shortest, we see that we already have a 78% relationship and at most a one-to-one. One relationship to the wave can have three.

This means that the two most likely scenarios would be that we have already finished our fifth wave and should see a retracement from then on, or that over the next few weeks to weeks and ½ we go up to around $ 54,000 before we get one new high in the market.