BTC at All-time high

Bitcoin is forming a new all-time high.

What does this now imply for the Bitcoin chart in terms of Elliott Wave analysis?

Bitcoin has moved up from its low, in December 2022, in a perfectly impulsive five-wave structure (in light blue) according to Elliott Wave, reaching the current levels. Through this five-wave move (in light blue), a wave 1 (in green) has been formed.

Following the completion of the higher-degree wave 1, Bitcoin has developed a structure that is to be interpreted as bearish, which has now culminated in a clearly overextended wave B (in orange), forming a new all-time high.

According to Elliott Wave theory, such an overextended wave B is considered a bearish formation and is expected to be followed by a wave C downwards, completing a corrective A-B-C structure into the green wave 2, which should result in a lower low compared to the preceding wave A.

Historically and currently, Bitcoin has been following the Elliott Wave count very precisely, which strengthens the validity of this analysis!

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