Bitcoin Price Trends and Analysis

Earlier updates suggested that the Global M2 Money Supply and the Trader Commitment report aligned well with Bitcoin’s bullish Elliott Wave principles. At one point, Bitcoin was trading around $83,000.

Now, just over three weeks later, it has risen to $104,000, marking a 24% gain. This surge correlates with the Elliott Wave’s interaction with critical factors like liquidity. It’s a significant prediction method. However, we think this is just the start. Many might feel left out, and the fear of missing out—often shortened to FOMO—intensifies when prices spike over $10,000 in a week. Feel free to elaborate on that.

Bitcoin Daily Price Chart with Preferred Elliott Wave Counts

For Bitcoin to exceed $93,326, it needs to establish a strong first and second wave—marked as Green W-1, 2, and Gray W-I, II. We anticipate the third wave to commence soon, aiming for a minimum of $131K. Those who’ve been following our updates may recall that we’re tracking Bitcoin’s four-stage half cycle in the final bullish year of this cycle. Our ideal price target lies between $164K and $216K, with the possibility reaching up to 337K.

Bitcoin Monthly Price Chart with Prioritized Elliott Wave Count and Trading Signals

According to Elliott’s wave analysis, Bitcoin is currently in a red wave, particularly the black W-5, which breaks into five smaller waves as indicated in Figure 1, following a Fibonacci-based impulse pattern. This trend suggests that a red wave’s green W-5 could aim for the $135K to $140K range. Still, the more crucial monthly chart in Figure 2 suggests this target is just beneath the ideal $164K to $216K range, indicating an expected extension of the green waves.

• The W-3 might reach 2.618x extensions rather than the typical 1.618x.
• The W-5 could be targeting a 3.000x extension instead of the usual 2.000x.