Market Analysis by Dr. Arnout ter Schure covering: BTC/USD, Bitcoin. Read Dr. Arnout ter Schure 's Market Analysis on Investing.com
) continued to follow the fractal with the January 2021 correction, and based on our Elliott Wave Principle analyses, we found that
“… we should expect BTCUSD to bottom out at around $57.5K, close to the $55080 level mentioned earlier and the $54-57K target zone for the grey W-c. Of course, BTCUSD does not have to follow the same path as in 2021 and could have already bottomed out … more likely, it may provide us with a flat correction, which targets ~$74+/-1K first, then drops back to ~$60+/-1K before liftoff.
Fast-forward, and BTCUSD topped on April 8 at $72750, dropped, and over the last three to four days, it has been trading around $62+/-1K. Thus, our forecast for “a flat correction, which targets ~$74+/-1K first, then drops back to ~$60+/-1K before liftoff,” has come so far to fruition. That is the power of the EWP because few, if any, foresaw this path. Moreover, our analysis of this correction, which we started covering in, has so far not been disproven.
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