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: 24/07/2024 1130GMT 0630EST
Medium-Term
Cup and Handle (July 24 Update)
Bitcoin has spent over four months forming a bull flag and consolidating around the previous all-time high. The rally is therefore no longer stretched and any break higher can make new highs to the 85-90k area. However, the count suggests this move should be completing the large wave 3 and can fall back again for more consolidation in wave 4.
Bigger picture, a large cup and handle pattern has formed since the 2021 high and this could set up a move above 100k into 2025 after the wave 4 completes.
EVIDENCE
Long-Term
Another Leg
Bitcoin has made a new all-time high in 2024 and we have had to re-assess the long-term count. Actually, it doesn't require significant changes as it appears this leg is wave 5 of V and there is no compelling context for anything else. This means the break-out is likely to fail in the coming weeks and months.
Wave 1 was a 333% rally, and wave 5 is already near this figure, so unless it extends, the upside seems limited and a spike of the $69k level and reversal could mark the top of this long 5 leg rally from the inception which should lead to a multi-year correction.
EVIDENCE