Bitcoin continues to trade in a range. After failing to hold above $36,000, BTC started another decline from the $34,000 support yesterday and retested $32,700. Bitcoin later managed to regain $33,000, somewhat recouping its losses.
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Prof Fibonacci, one of the leading domestic analysts, shared the Elliott Wave analysis of Bitcoin. In the chart he shared, the analyst states that if it is sustained above $28,000 in the medium-long term, Bitcoin may be at the beginning of the 3rd wave with a target of $227,000.
The analyst ends the 5th wave with $65,000, the last all-time high that Bitcoin set last April. Saying that ABC correction was completed at $28,000, the analyst accepts A as $46,000, B as 60,000 and C as $28,000. According to Prof Fibonacci, Bitcoin is currently in wave 3 of a $227,000 targeted cycle (as long as it manages to stay above the $28,000 level).
This analysis by Prof Fibonacci coincides with comments from leading technical and fundamental analysts who say that Bitcoin will surpass $200,000 in the long run. Leading analyst PlanB, who applies the stock-to-flow model to Bitcoin, also emphasizes the target of $ 300,000 in Bitcoin.
Bitcoin is trading at $ 33,020 at the time of publication.