The Elliott wave tells us that an important low has already been struck or will be soon. Either way, the next-best low-risk buying opportunity for those who don’t dollar-cost average will be a lower low or a slightly higher low.
In our previous Bitcoin update (see here), we showed, based on the Elliott Wave (EW) Principle and several external factors, that “a move slightly lower is still likely, as these events rarely mark the exact bottom, but signal the start of the bottoming process, often followed by sideways or slightly lower price action (4th wave) as a final floor is established. We do not expect it to drop much below $60,000.”
We explained that a smaller (orange) fourth-wave bounce, ideally to ~$73,000, followed by a final (orange) W-5 to the mid- to high $50K price level, was still very likely. This setup is still possible. See Figure 2 below.
