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Bitcoin wave four may have completed at yesterday's low. That will be followed by wave five up to above the April high.
If wave five is equal to wave one from the 2020 low, that would equate to approximately 65600 which is just above the April high. The wave five upper target could be around the upper long term trendline currently near 260000.
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| Weekly Bitcoin Chart (click to enlarge) |
Updated 3/1/22: I am revising the wave 5 count if counting the long-term wave 4 as ending at the March/2020 low. This revised count places the top of wave 1 at the April/2021 high. Circled wave 5 of 5 most likely would end near the trendline connecting the tops of circled waves 1 and 3 and cannot be longer than wave 3 in a contracting diagonal. See below chart:
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| Updated 3/1/22 count: Bi-weekly chart of Bitcoin showing the revised wave 5 count if counting the wave 4 end from the March/2020 low. This is counting wave 5 as forming an ending diagonal. |
