Bitcoin had more than a 10% correction this morning, from ATH's at $34.45K down to $28.4K. There was support here at a Fibonacci level, which is actually the upper anchor of one of our nested Fibonacci's. The bubble has not burst yet, this is just a healthy correction from such a prolific rally. We are likely at the end of the corrective phase of the 5-3 Elliott Wave so anticipate some momentum soon. Seasoned crypto traders will realize this is a typical pullback for Bitcoin, n00bs may be rearing from buying at highs. Consider this a lesson to wait for dips if you fomo'd in at ATH's.
Fear not, because we are bound to have corrections like this, and it is very reminiscent of 2017. Our conservative price target for Bitcoin in 2021 is $50K by Q2. After that, we will revisit fundamentals such as institutional interest, updates on regulation, geopolitical developments, dollar strength and more, as well as technical analysis.
Fear not, because we are bound to have corrections like this, and it is very reminiscent of 2017. Our conservative price target for Bitcoin in 2021 is $50K by Q2. After that, we will revisit fundamentals such as institutional interest, updates on regulation, geopolitical developments, dollar strength and more, as well as technical analysis.
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