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See monthly chart of Bitcoin below showing a potential five waves up. It has met the minimal requirements for the 5th wave however the 5th wave could go as high as the upper trendline which is currently over 200000. Wave 3 was longer then wave 1 so wave 5 does not need to be shorter then wave 3 and it could also be extended according to the rules. Whatever the wave 5 top is, it should be complete by the 2nd half of 2021 if not sooner.
Once the 5th wave is in, it will be followed by a multi-year and potentially deep bear market that could go near or below the wave 2 low in January/2015 around 153 in a worst case scenario.
Update:
If considering the wave lengths on a percent basis, wave 1 is the longest wave. With wave 3 being shorter then wave 1, that would mean that wave 5 must be shorter then wave 3. Wave 3 was 11960% long so wave 3 must be shorter. The calculated maximum length for wave 5 is 1,189,380 if measured from September/2020 or 475310 if measured from the March/2020 low.
The upper trendline is now around 250000 and will rise to be close to 500000 in early 2022 so that may be an argument for the 475000 max target. If that maximum price is achieved it could be as late as the first half of 2022 before wave 5 is complete.
Calculations:
120.6 x 9862.19(Sep/2020 low) = 1,189,380
120.6 x 3941.21(Mar/2020 low) = 475,310
(the wave 3 length of 11960% equates to a multiplying factor of 120.6)
Chart Update:
Additional pricing data has been found and is shown in the 2nd chart below. This additional data does not change the wave counts. The 1st chart is a monthly chart and the 2nd one is a quarterly chart.
