Bitcoin’s price is in a long-term wave 3 cycle.
A plausible target for the movement cap would be between $ 41,000 and $ 46,000.
BTC is likely in a final bullish push ahead of a size correction
The price of Bitcoin (BTC) has increased significantly since the beginning of September.
While it seems certain that Bitcoin is nearing the peak of its upward movement, the wave count over a reduced period is unclear. This creates uncertainty as to the length and depth of a potential correction.
Due to the shape of the price movement, however, it seems certain that BTC is in a wave 3 cycle (in red below). It completed wave 1 and wave 2 cycles following its low of 3,122 in December 2018 and began wave cycle 3 in March 2020.
If this is correct, BTC is in wave 5 (in white) of its cyclical wave. A plausible target for the top of the move is between $ 40,602 and $ 44,127. These objectives are obtained as follows:
By comparing the time it takes to complete the Wave 1 cycle, it can be assumed that price will likely peak around January 19th. This would mean that wave 3 cycle took 1.61 times the time it took to complete wave 1 cycle.
The only problem with this count seems to be the fact that waves 2 and 4 (in white) are relatively small. However, they have sufficient alternation for it to be a valid count.
The sub-wave count for wave 5, in orange, indicates that BTC is in sub-wave 5.
Using these subwaves, we get a target of $ 46,384
Cryptocurrency trader @TheTradingHubb presented two possible BTC counts: a bullish one, and a second even more bullish.
BeInCrypto has underlined the first below, while the second is shown in the following image.
The difference between these counts being that in the second, BTC would be in wave 3 of wave 3 cycle, rather than wave 5 of wave 3 cycle.
In this case, the ensuing correction would likely be smaller, before BTC hits another high above $ 50,000. Then, as a result, the cycle of wave 5 could go even higher.
What seems wrong with this count, though, is the huge magnitude gap between waves 1 and 3. Also, the longer the current upward movement continues without a substantial correction, the less plausible this count will be.