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: 20/09/2023 1130GMT 0630EST




Major Recovery

Bitcoin's rally from the bear market low is not ideally clean and clear, but it does count best as a 5 wave trend sequence despite the brief overlap at 25217. We are labelling the move into the 31818 high as the end of wave A and this means there should be a major retrace in wave B to set up a further proportional rally.

At the September low, the first phase of wave B should be complete and 25217 can hold for 29448 before another drop to 19689-21819. This should be an opportunity to buy for 40k.

Logarithmic Fib Targets






Post Top

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.