The Countdown to Bitcoin Price Doubling
During a major bull run, bullish Bitcoin news tends to support the rally, often arriving all at once due to mass crowd psychology. Elliott Wave Principle suggests that when an asset reaches an impulse wave, people start behaving impulsively, buying minor pumps and selling at the first sign of a correction. This phase is volatile due to the influx of market participants.
Bitcoin is currently experiencing this phenomenon, and it will gain momentum as ETF-related investments are revealed. Comparing the current BTCUSD chart with late 2020, bullish news was breaking all day during that period.
Show Me the Charts, and I’ll Tell You the News
In 2020, big companies like MicroStrategy, Tesla, and Square started buying BTC. This caused a 136% price increase from around $18,000 to $42,000. Now, Bitcoin is in a similar wave count with news catalysts ready to propel the crypto market higher. If the Elliott Wave Principle count is accurate, BTCUSD could double in a month, reaching around $95,000 per coin and completing wave (v) and wave 3.
Wave 3 is an impulse wave that consists of five sub-waves. After the powerful ascent of wave 3 ends, there should be a short-lived sharp correction in wave 4 before wave 5 begins to complete the cycle.
Hot Take: Bitcoin’s Bullish Momentum
Bitcoin’s price doubling could be imminent thanks to bullish spot BTC ETF news and the impact of mass crowd psychology. The Elliott Wave Principle indicates that during a major bull run like this one, news tends to align with market sentiment, leading to increased volatility. As Bitcoin continues its upward trend and more ETF-related investments are revealed, the price could double in a short period of time. If the current wave count is accurate, BTCUSD might reach around $95,000 per coin. Keep a close eye on the charts and upcoming news to gauge Bitcoin’s future movements.
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