Bitcoin: Bottoming or Breaking?
Jul 10, 2024
Summary
- Bitcoin is consolidating in a corrective pattern before advancing to 100k.
- The recent drop appears to have been the c-wave down of the abcde Elliott Wave pattern.
- Fearish market sentiment may indicate bottom for recovery rally.
It’s been my position since March when Bitcoin (BTC-USD) reached an all-time high near $74,000 that the leading cryptocurrency would consolidate in a sideways corrective pattern before advancing to 100k and beyond. In spite of recent short-term weakness, my analysis is that this continues to be the correct outlook and that dips remain buying opportunities.
The recent drop appears to have been the c-wave down of the abcde Elliott Wave sideways triangle pattern…
https://seekingalpha.com/article/4703317-bitcoin-bottoming-or-breaking-technical-analysis
