The $ 90,000 Bitcoin rally has begun

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I have kept you posted on the Bitcoin (BTC) Elliott Wave Principle (EWP) waves regularly over the past few months. In my update last week, I found that a breakout above $ 48,788 is still needed to confirm the predicted run at $ 90,000 +. This break occurred on Monday and as such the preferred view remains that BTC is now in a new bull run to new all-time highs, with an ideal target of $ 90,000 +

Figure 1. Daily Bitcoin charts with detailed EWP account and technical indicators.

The breakout above $ 48,788 has occurred, now the next upward impulse move is taking place.

Last week I shared that if BTC can move back above the recent high of $ 45,143, labeled as green wave 1 in Figure 1 above, it increases the chances that the preferred (black) low of the major wave 2 has already been reached. Full confirmation will be obtained on a break above the mid-September high of $ 48,788. We have a great staircase process in place to help assess if the $ 90,000 race has started.

I have shown these two steps in Figure 1 above, as well as the minor degree BTC waves should now be in (green) minor-3 of (red) intermediate-i. Although not shown, these waves are part of the largest (black) 3 main wave (blue) of the V-primary of cycle-3. So the current setup at ideally $ 90-120,000 will complete a wave of cycle-3, on par with the infamous high of 2017 (cycle-1).

As long as BTC can stay above 2 and -1 levels, it can go higher. Also not shown here are several Simple Moving Averages (SMAs) and the Ichimoku Cloud, but I can tell you that the price of BTC is way above all of them. When this happens, it indicates that a new uptrend is underway, the chances of good things happening (higher prices) are increasing, and that a bullish EWP account should be preferred.

Bottom line: Last week, I said, China’s latest crackdown will not affect BTC’s long-term rise because none of its precedents have had any effect for the past 10+ years. , and therefore EWP is supreme in explaining the price action of BTC. Action speaks louder than words, and the BTC rally since then shows that my interpretation of EWP was right, which has helped my premium crypto trading members and crypto trading alert members stay on the line. good side of the trade.

The story continues

However, last week I was aware that the Bitcoin price chart still has bearish potential. Nonetheless, my favorite point of view remained, it probably hit a low for a wave 2 after conventionally retracing 50% of the rally from wave 1 (June -> September). The breakouts described in steps 1 and -2 above $ 45,143 and $ 48,788 followed each other quickly, recount[ing] me, the current three-wave down model is finished, which significantly increases the chances of a new boost. If BTC can hold above these two levels, I see no reason to go bearish as the technical chart setup is bullish. And when the charts are bullish, I will wear my favorite bull hat, i.e. wear a bullish EWP account, until proven otherwise.

This article originally appeared on FX Empire

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