According to technical analysis—particularly the Elliott Wave Theory—I believe Bitcoin is going to have a strong bull run over the next couple of months.
The theory has been used with stocks and has been very useful in the crypto market, as cryptocurrency price predictions are completely derived from technical analysis.
The low of roughly $33,000 in wave four cannot be broken or the theory will be invalidated.
Keep in mind that Bitcoin isn’t necessarily in trouble if it doesn’t shoot up in May, so long as it doesn’t break the low of the fourth wave .
I believe it’s the most realistic as the high created in wave three wasn’t much higher than the high in wave one—roughly $5,000 higher.
Additional bullish sentiment for Bitcoin is the executive order passed by Biden last month promoting financial regulators to evaluate how to regulate and integrate crypto assets into the broader financial market.
The crypto market is extremely volatile, which can cause serious damage when the swings aren’t in your favor.
Staying on top of the news can help you avoid price swings from bearish sentiment and capitalize on the swings from bullish sentiment.
that threw away a hard drive containing upwards of $500 million worth of Bitcoin? You don’t want to be that guy.
I believe price action is going to turn bullish here soon; a break above $45,000 would be particularly bullish, as that is the first key level of resistance.
Disclosure: I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives.