Short term View in Bitcoin suggests that cycle from March 28, 2022 high is unfolding as a zigzag Elliott Wave structure. Down from March 28 peak, wave ((A)) ended at 25401 and rally in wave ((B)) ended at 32375.81. Bitcoin has resumed lower in wave ((C)) with internal unfolding as a 5 waves impulse Elliott Wave structure. Down from wave ((B)), wave ((i)) ended at 31312.53 and rally in wave ((ii)) ended at 31878.53. Bitcoin then extends lower in wave ((iii)) towards 29309.84, and rally in wave ((iv)) ended at 30688.82. Final leg lower wave ((v)) ended at 29233 which completed wave 1. Bounce in wave 2 then ended at 31737.31.
Down from wave 2, wave ((i)) ended at 29184.25 and rally in wave ((ii)) ended at 31536.11. Near term, expect wave ((iii)) to complete soon, and rally in wave ((iv)) to unfold to correct the decline from wave ((ii)) before it resumes lower. As far as pivot at 32393.01 high remains intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 123.6% Fibonacci extension from November 10, 2021 peak at 3572 – 12079.6.
