Upon completion of this correction, Bitcoin will commence its next swing to the upside to complete all of Primary Degree Wave (3), with a price target of a minimum of $30,027 and more likely will extend to the 2.618 extension at $77,897. Upon completion of Primary Degree Wave (3), we would then expect Bitcoin to revisit the area of the 4th of one lesser degree. In English, this means we would expect a move back to whatever low it establishes on this present drop ($2,488-4,175) before heading up to complete Primary Degree Wave (5) to levels that will seem unrealistic to some, and that I'll summarize in more detail in future articles.
Daily Bitcoin - Short-Term Analysis
It's almost unimaginable for some to believe that these types of price movements can occur in any instrument or sector. However, before you set aside the notion that something can move to these extremes, take a few moments to imagine the implications of cryptocurrencies replacing fiat currencies as a primary medium of exchange. I won't opine on whether this is possible or even real, as that's not the point of this article. However, it's not what I believe that matters, nor is it what's real or unreal, but rather the sentiment associated with market participates who ponder these questions. This is what drives prices to extremes, and it's this same sentiment that will continue to cause the volatility in cryptocurrencies that make their patterns predictable in a way that make investors VERY real profits.
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