2500 dollar Bitcoin still possible?

9 thg 11, 2020

Is a 2500 dollar Bitcoin price still possible.. and how and why could we get there?

This bear case is based on the rules of the Elliott Wave principle.
More specifically a classic zigzag formation, and if i had to make
an unbiased analysis of the correction from the all time high it still
fits the criteria to be labeled as such.

A zigzag correction consists of a five wave down as such: 5-3-5-3-5
to reach point A, followed by a three wave correction 5-3-3 to reach
point B where it i continues the correction with another five waves down
to reach point C.
The zigzag is usually completed when an extension taken from point A
to B reaches a ratio of 1:1.

So where are we now? Well that is the fun of Elliot Wave analysis.
It is often open to inpretation, meaning there a many times where
market movements could be counted in multiple correct ways.

Of course 17K is looking like a very likely target to expect some
significant selling pressure at a perfect 1:1 extension from the 2018 low
and the top of a parallel channel... but could the top already be in?!!

If we assume not the 2018 low is the end of an Elliot Wave correction,
but it made a truncation and a new impulse began at $3341.
Then if we measure a 1:1 extension to point B, the target would already
been hit.

A 1:1 extension from A to B would put BTC around $2500.

I am not saying that i think this scenario is the most likely to play out,
but purely based on technical analysis is still think it is possible.

What do you think?