The ideal target of ~$54K for () has been reached for a more protracted correction, and if Friday’s low holds, we expect BTC to rally to around $89-91,000.
One-two Became W-X-Y.
Three months ago, we showed that () was forming a bull flag. Well, like it or not, the cryptocurrency is still in it. The two Elliott Wave Principle (EWP) counts we presented in our pointed to either a bottom around $62,000+/-2,000 for a W-i, ii setup or below that we could expect a deeper correction to ideally around $54,000 for a protracted W-X-Y correction. The Bulls lost $60K earlier this week, and on Friday, the crypto reached as low as $53,528. Hence, we must ask, “Is the bottom in?”
Figure 1. The Daily Chart of BTC/USD Shows Several Technical Indicators and the EWP Counts.
The Downside Target Was Reached, but There is no Confirmation of a Low Yet.
In our previous update, we found that,
“The Bulls…
