Bitcoin is the original and by far the largest cryptocurrency. Since its introduction in 2009 it has grown exponentially and spawned many competing cryptocurrencies. Opinion is mixed as to its true worth, but speculation and huge interest has created a volatile - and potentially very rewarding - trading environment.
Updated: 31/01/2023 1130GMT 0630EST
The March dip held the big level of 19645 (the previous all-time high) and has rallied to new highs. After a clear 5-leg rally for wave A and a dip in wave B, this is clearly wave C and should target 29430, which is C=A equality and the lows of the previous consolidation. Driven by fear over the banking system, it should draw in weak longs before the panic spreads to the crypto space. Once this rally is complete, we can look for a resumption of the bear market with a large drop towards 10k.
Bitcoin should now have completed a 5 leg trend sequence starting at its inception and end at the2021 high. This mean a major top is in place and Bitcoin should now correct this with a major downtrend taking many years. Just how long and deep this correction will be is not yet clear but even a shallow 23.6% Fib retrace would take it to around 6000.
We will fine tune the decline as it takes shape. The first leg is nearly complete and should complete around 13-14k to set up a bounce. A second major leg would then target 3000-6000.