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.
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?
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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