According to "Elliott Wave Principles" the 4th wave of a Primary impulse tends to enter the range of the 4th subwave of wave 3. That would mean we go to at least 42000.
Historically, BTC has had 4th wave consolidations from May --> July in 2013, 2017, and now 2021? 4 year cycles, 4 years apart, same PA... spooky.
In conjunction with this, there has been an altseason (due to BTC ranging) every 3 months since May 2020. May 2021 would fall into this cycle.
---------------- If we take a look at LTC/BTC, which both obey 4 year cycles at the moment, the previous two cycles have yielded similar patterns. (look at this to understand the following paragraph)
From July --> October (purple to green regions) in 2013 and 2017, BTC broke out of consolidation and went parabolic against LTC (the sharp decline) until hitting the green region. Then LTC pumps as well, but BTC kept pumping until November/December of 2013 and 2017 at which point a blowoff top occurred, and BTC entered a bear market both times.
If history repeats itself, then BTC should range from March --> late June / early July (light blue to purple region), as it did in 2013 and 2017. 4 years later in 2021, we bottomed in March on LTC/BTC (light blue region). -----------------
So we have a macro wave count, cyclical altseasons, and LTC/BTC 4 year cycles all pointing to a ranging/4th wave correction from March --> July 2021.
@BullRider802 Do you think this is still a valid count? I was following this to see how it goes and was impressed with how closely it was holding. Only now Im not sure if it is still a good count
Riester
⋅
@Hoping2Learn, invalidated would occur if LTC fails to appreciate against BTC by end of June 2021 (purple region).
March -> June 2017 LTC/BTC increased from light blue -> purple.
By end of June 2021, if LTC has not at least eclipsed the green/red price levels, I would say this idea is invalidated. Failing to gain strength.