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Where Will Bitcoin Bottom? - BSCDesk : Binance Smart Chain and Crypto News

Where Will Bitcoin Bottom?

Fast-forward to January 11. BTC peaked at $49054 and has since experienced an 18% pullback. It is the largest since the rally from the September 2023 low started, strongly suggesting the green W-2 to ideally $37+/-2.5K is underway. Indeed, Q1 is weak so far, as all gains made since December 4 have now been erased. Besides, we have refined our Elliott Wave Principle (EWP) count to account for all waves since that low.

Figure 1. The daily chart of BTC with technical indicators and detailed EWP count.

The dotted horizontal lines on the chart in Figure 1 show what we call “warning levels” for, in this case, the Bears. Above the blue dotted line at $42,140 is the first signal that grey W-b is underway. The grey line at $43525 is the second signal, etc. Each higher level/signal increases the odds that W-b is underway. If BTC’s price moves above the red dotted line, the January 11 high, it tells us that the W-3 is likely already underway.

Assuming W-2 bottoms at around $34K while knowing W-1 was $24K ($25->$49K), we can calculate W-3 to reach ideally: $34K + 1.618 x $24K = $72.8K. Thus, as stated in many prior articles:

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