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Do you believe BTCUSD will reach $2000 someday?

After the corrective period from late 2013 to early 2015, Bitcoin price has developed an uptrend within the Impulse (IM) wave model for wave III. At present, BTCUSD is in wave 5 that may follow an Ending Diagonal (ED) wave model.

Basing on Elliott Wave analysis, I predict that BTCUSD will reach around $2000 for the top of wave (5)/5/III in long term. However, in intermediate term, wave (3) may finish around $1400 - 1500 before there is a correction back to $1200 - 1100 for wave (4).

We should pay attention to the fact that there is a negative convergence between the price and the RSI indicator on BTCUSD daily chart, which anticipates a potential correction in the future once wave (3) ends. BE CAREFUL!

BTCUSD has reached all time high above $1300 but this price level is not too far higher than the old all time high at the end of 2013. Do you believe BTCUSD will reach $2000 someday?

By Jack Huyn

Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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