Bitcoin (BTC) completed an ABC corrective structure after breaking away from a descending parallel channel.
It has likely begun a long-term bullish impulse that would take it to a new all-time high price.
BTC Account
The BTC move following the record April 14 price (highlighted) is a five wave bearish (orange) pulse. However, it is not certain if it is the beginning of a new bearish impulse, or a completed C wave (white).
The most likely possibility indicates that it is a C wave. While this wave is considerably longer than wave A, it is still within the parameters of a valid impulse, since it is less than 2.61 the length of A.
Additionally, the move from the June 22 low looks like what would follow after a full correction.
Therefore, it is possible that BTC has begun a new bullish impulse (white) which will take it towards a new all-time high price.
In this case, it just finished the second wave with its September 21 rebound to $ 37,573, which reached the 0.5 Fib retracement support level when measuring the entire upward movement.
So, BTC could be in wave three of this new bullish impulse. For the previous analysis of the number of waves, click here.
Future movement
Cryptocurrency trader @TheTradinghubb outlined a bullish wave count, in which BTC has begun a new bullish impulse.
The completed ABC corrective structure was confirmed by the rupture of the descending parallel channel.
Therefore, it is possible that BTC is now in sub-wave one of the new upward movement.
The number of minor subwaves is shown in black.
Bearish BTC count
Both the long-term and short-term movement is the same even in the bearish count. However, the medium-term movement differs.
In this case, BTC is still in wave two of the bullish impulse, since the current A-B-C decrease (orange) was only wave A (white) of the correction.
Since the move is a flat correction, BTC is expected to rise to at least $ 51,000 before falling back to September 21 lows. Afterwards, the upward movement would be expected to continue.
