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


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.