Hello, dear friends!
Bitcoin has approached to the critical price level where most of traders are struggling to define if now still the bear market or the bull market has been already strated. In today's article we will try to bring together many facts and make the conclusion about what is coming next. Let's go!
BEAR MARKET STRUCTURE
I have see many opinions that bear market has been started on November 2021, but I suppose it has started much earlier - in April 2021. My first evidence of this assumption is that maximum euphoria was in April, where we saw the largest altseason ever. Remember, many altcoins made 10-100x in those period. After OKX:BTCUSDT faced with the corrective move in wave A. The wave B was very tricky, it broke through the previous ATH which made a lot of traders confused. But in November 2021 only BTC and fundamental altcoins set the new ATH, like ETH, ATOM and DOT. So-called "shitcoins" demonstrated very weak pump and retraced only to 0.61 Fibonacci. To sum up this part of analysis, I consider now Bitcoin is finishing the wave C before the new bull market.
WAVE C STRUCTURE
Our main purpose now is to anticipate where the wave C could be ended to invest in crypto. Wave C should consists of 5 waves. Awesome oscillator is our best tool to identify the waves. The minimum AO value corresponds to the wave 3 bottom. Yes, It was at $17500, not at $15500. In my opinion, wave 4 has the shape of complex correction - very tricky one for all traders. I suppose that wave 4 has been finished in two reasons: BTC reached the 0.38-0.5 Fibonacci area and AO crossed the zero line.
WHAT IS THE BEAR MARKET TARGET PRICE?
I consider the wave 5 ahead. It's to fearfull that the potential target for this wave is located between $9k and $10k. There I plan to invest in Bitcoin and some fundamental altcoins. I suppose most of altcoins will disappear at such low price levels. Anyway we have the clear scenario invalidation level. If Bitcoin will break through the $32800 - wave 1 bottom level, my Elliott wave formation is gonna be failed.