Covering BTC after a long time, last update was in March and then this update is kind of continuation of what I shared in that post. Bitcoin started impulse move from the lows in November 2022.
It’s moving nicely in a channel and seem to have completed waves 1 and 2 of larger impulse which could be either larger 1 or A, though I doubt it’s A since the down move from November 2021 high to lows of November 2022 seem corrective. Either way, we are in wave iii of 3 or C so still there is some room. Upper channel line is around 45K and will keep inching higher as time passes so we could end up anywhere between 45k and 50k if wave 3/C is equal of 1/A. 50K would be around 161% of wave 1/A.
Shortly we might see wave iv correction within current impulse. If you noticed, start of wave 3/C might be i-ii-i-ii which means we might have iii-iv-iii-iv before v, i.e. a total of 9 legs. In such case, we might be reasonable certain of 50K or beyond before we see any significant correction.
