🚀#Bitcoin (BTC) to Hit $200,000? Elliott Wave Pattern Breakdown.
Elliott Wave Theory, which provides an organized framework for examining market cycles and investor psychology, has been used by traders looking for hints about whether this rally can continue. With the asset soaring toward $120,000 and sparking a potential target close to $200,000, Bitcoin's price performance over the last few months has been incredible.
Elliott Wave patterns usually consist of a three-wave corrective sequence after five impulsive waves (motive phase). According to Bitcoin's daily chart, after consolidating around $65,000 the cryptocurrency seems to have finished a textbook motive phase that started in mid-April. Prices went from about $65,000 to $90,000 in the first impulsive wave and then there was a second corrective wave.
The third wave, which was probably the strongest leg of the impulse, sent Bitcoin into the six-figure range. With the recent breakout showing that the rally is intensifying on high volume, Bitcoin appears to be extending what may be wave five at this time. Volume spikes such as these usually validate Elliott Wave counts. They demonstrate how price is rising above resistance due to widespread participation, especially from institutional buyers.#INDIANstock
