2 November Bitcoin Elliott wave analysis

Bitcoin has gained more than 12% this month so far. The quick break above $7000 looks like $10000 target this year is still very realistic. The following is today’s analysis based on 2 November Bitcoin Elliott wave analysis.

02 November, AtoZForex  – It seems the Bitcoin is not going to falter any time soon. The recent rally from $5360 in late October is synonymous to the one that started from $2970 to above $6000 in 6 weeks (from mid September to late October). In 6 weeks from mid September to late October, Bitcoin gained about 108%. If this feat is repeated, a 100% gain from $5360 to $10750 is in the card. This could happen in about 1 month time. Going down a bit, 50% – 61.8% gain from the same level ($5360) is from $8000-$8900. The rally will more likely get to this level before the year ends than not. What a year for Bitcoin!. The Crypto currency has gained more than 800% and realistically a potential 1000% in a single year. That is incredible!

Our forecast is still very much valid after price broke above $6200 high in October. We expected an impulse wave – the 5th wave of a larger degree impulse wave. It’s expected that our wave count will extend to $8000-$10000 region before the next fall. The chart below was used in the last update.

1 november bitcoin elliott wave analysis Bitcoin Elliott wave analysis, H1 (click to zoom)

If this wave count is correct, the rally is set to continue to $7000 and $8000 as we expected in the precious forecasts. Only a break below $5360 will invalidate this forecast. If price goes back below $6200, we will have to look closer and analyse any reason for this Currency not go as expected.

Price is still following this wave count as shown in the chart below.

2 November Bitcoin Elliott wave analysis: heading to $10000?

2 November Bitcoin Elliott wave analysis Bitcoin Elliott wave analysis, H1 (click to zoom)

This wave count is valid and still supports Bitcoin making new highs this month and next month probably. $7000 has already been taken out. The next price levels remain $8000, $9000 and $10000. We will have to wait and see when price will meet these targets. We will update you. Stay tuned.

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