#BitcoinKeyZone In our previous update, we found
"Based on the impulse pattern, Bitcoin should conclude the orange W-3 from the gray W-iii from the green W-5 from the red W-iii. The ideal target for the orange W-3 is $106,500 to $109,220." Last week, Bitcoin reached a high of $104,028 and started correcting. See Figure
1 below. Inventorying the completion of the green W-5 from the red W-v from the black W-3, we should expect Bitcoin to see a sharp correction of the fourth wave (the black W-4) like this summer and 2021. Both saw corrections of 50-62% of previous third waves of the same degree. This means that Bitcoin could drop to $56-67k before resuming its upward march towards our bullish target. In our previous update, see here , we concluded that Bitcoin (BTCUSD) is still a good buy. It was trading at $89.7k at the time. Now, Bitcoin (BTCUSD) is trading at around $101k, and has peaked at $104,028, an increase of almost 15%. Therefore, our method of analysis, the Elliott Wave Principle (EWP), is preferred because it is price-based, and price is the aggregate opinion of all market participants. Therefore, all you have to do is follow the price action and the limited set of patterns, and you will most likely know what to expect next.Note that "
