Market Analysis by Dr. Arnout ter Schure covering: BTC/USD, Bitcoin. Read Dr. Arnout ter Schure 's Market Analysis on Investing.com
“Although our downside target zone has been reached , suggesting that the low is most likely in, we now need to wait for the next subtle clues to know our bottom call was correct. In that case, we expect BTC to reach the adjusted ideal target zone of $88,940-91,150.”
Thus, the green W-4 has most likely bottomed out. Subsequently, the green W-5 is now most likely underway and is subdividing into five smaller waves, with the 1st wave having topped July 29 at $70027. The grey W-ii should now be underway and, based on standard Fibonacci-based retracements, reach ideally $60+/-2K.
Only a break below the July 5 low at $53528 will prove our assessment wrong, whereas a break below the orange W-4 low at $63429 is now needed to confirm the grey W-ii.
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