Bitcoin has rallied nearly 70% over the past month to recover the majority of its summer collapse. Using Elliott Wave Theory as our guide, we can gain a sense of the picture the market is painting for us.
The good news is that bitcoin appears to have an incomplete Elliott wave pattern to the upside. This suggests that ultimately we will see new highs that likely move well beyond $65k and up into six figures.
The bad news is that the current correction that began in April 2021, appears incomplete as well. Therefore, look for bitcoin to grind sideways for the next several weeks and possibly into early 2022.
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