Bitcoin is ending on a bullish mood this week after gaining about 22% so far. How likely will BTC perform next week? The following 3-5 March Bitcoin price prediction forecast BTCUSD based on Elliott wave theory.
03 February, AtoZForex – After peaking with a clear impulse wave at nearly $11800, it was expected that price would falter. The impulse wave started from the $6000 low. These are indications that BTCUSD will rally in the medium term. It means investors could have gained more confidence. A 3-wave correction often follows an impulse wave in the opposite direction.
In the last update, we expected the dip to continue to $8000 or slightly above. The chart below was used.
The bullish drive from $6000 to $11750 was impulsive. A 3-wave bearish correction is forming as expected. This correction is expected to continue to $8000 or its neighborhood. What price does afterward will be very important to full bullish recovery. The expectation is that after the dip, price would rally further and head toward $20000 top.
What happened afterward? The correction that happened was so shallow as price resumed upside. This week, BTC has gained more than 20% in a move that may result in the continuation of the bullish move.
3-5 March Bitcoin price prediction: what next?
What was labelled as wave b is looking to break above $11700 high.If price breaks above this high, this forecast is no more valid. Two things are likely to happen afterward – a strong third wave bullish force toward $20000 or price morphing into a diagonal pattern.
Preferably, I think wave 2 is incomplete. The last update scenario is not invalid yet despite a strong wave b. Price could fall next week toward $8000 before it picks up for wave 3. The chances of the expected dip drops significantly if price breaks above $11800. If I would buy, I would wait for a further dip to $8000. If I would sell, I would wait for price to break below wave a-b rising trendline.
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