The crypto landscape, led by BTC, is poised for a significant correction, shaping the market's trajectory for 2024. This article delves into anticipated scenarios, unraveling the potential twists that may unfold following the ETF hype. We will go through the 2 major scenarios from Elliot wave prospective trying to dive into what might unfold in the coming months.
BTC Elliot Waves Scenario 1 (Bearish):
Envisioning a super cycle correction, BTC charts its course through the impactful A B C sequence. Having experienced the initial two legs (A & B), the anticipation builds for a fresh low in wave C, marking a potential continuation of bear market. The chart currently unveil a scenario impossible to ignore, waiting for validation as BTC ventures beneath the 30K threshold.
According to this bearish scenario, a correction to the upside is anticipated as illustrated below:
BTC is about to finish the final wave down (wave 5) which completes wave 1 of C with anticipated target around 38k, after this move a correction is anticipated in wave 2 that could take BTC to about 46k where it will put a lower high before it continues to move down. Bare in mind that can be more accurately analyzed after we see wave A, and B of the anticipated correction.
Following this upside correction the next leg down will determine the fate of BTC as 31K region is crucial to determining the fate of BTC for the rest of the year.
BTC Elliot waves scenario 2 (Bullish):
In this exciting scenario, BTC is poised to chart a promising path, steering clear of the 36k mark and orchestrating a dynamic reversal towards new heights. Brace yourself for the thrill as a post-high correction looms on the horizon, promising to be the final pitstop before an exhilarating surge propels us into uncharted territory, possibly reaching the impressive milestone of 100k and beyond.
To sum it up, It is currently difficult to tell which scenario will play out but i tried my best to give you all the key levels that will determine the path of BTC and the whole crypto market throughout 2024. Trading below 31k is your bearish confirmation, while trading above 36k and putting a new high is your bullish confirmation.
As the chart unfolds more detailed updates to follow!
Finally this technical analysis reflects my personal views and is not in any way considered a financial advise, buying and selling is your responsibility.
