This technical analysis explores the potential price trajectory of Bitcoin, focusing on an Ending Diagonal pattern. The analyst predicts a bullish scenario with a target around $65K, followed by a pullback and a final surge towards $73-79K. However, alternative scenarios involving a lower low are also discussed.
Namely, we preferred to label the August 5 low as the green W-4, the August 25 high as grey W-i, and the September 6 low as grey W-ii of an Ending Diagonal Green W-5 of red W-iii. See Figure 1 below.
Thus, like the grey W-i and W-ii, we expect the grey W-iii to form three waves, as shown in Figure 1 above. Ideally, we see a bit more upside to around $65+/-1K, followed by a modest pullback to around $61+/-1K before orange W-c to $73-79K kicks in. Contingent on holding above the warning levels , with a first warning below $62350, a 2nd warning below $60,500, etc.
We placed the warning levels for the Bears on the chart that will tell us above which prices such a lower low become less and less likely. Currently, the Bulls are knocking at the 3rd, orange, door, making this EWP less likely than a month ago. But it remains our insurance policy, just in case.
Bitcoin Price Prediction Ending Diagonal Technical Analysis Bullish Bearish
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