This analysis is based on the full spectrum of Bitcoin's price action from $0 in 2009 up to the recent high of around $65,000.
It makes it very clear to any observer that there simply wasn't ever yet a real correction on the highest time frame in Bitcoin.
All the downturns might have been perceived as corrections and "crypto winters" but were merely dips on the big picture.
With the help of the RSI we can more clearly discern the impulses and corrections within the macro uptrend that persisted from 2009 - 2021.
According to Elliott Wave a macro uptrend is comprised of 5 waves: 3 up, separated by 2 corrective waves which alternate from 'sharp' to 'flat'.
After the fifth wave ends the macro uptrend is completed and is due to be corrected either with a 'sharp' or 'flat' correction.
This analysis projects a 'sharp' correction scenario until 2023 and a continuation of the fundamental uptrend into 2030 with prices over $1 million.
June 2, 2021 (c) theta.digital
It makes it very clear to any observer that there simply wasn't ever yet a real correction on the highest time frame in Bitcoin.
All the downturns might have been perceived as corrections and "crypto winters" but were merely dips on the big picture.
With the help of the RSI we can more clearly discern the impulses and corrections within the macro uptrend that persisted from 2009 - 2021.
According to Elliott Wave a macro uptrend is comprised of 5 waves: 3 up, separated by 2 corrective waves which alternate from 'sharp' to 'flat'.
After the fifth wave ends the macro uptrend is completed and is due to be corrected either with a 'sharp' or 'flat' correction.
This analysis projects a 'sharp' correction scenario until 2023 and a continuation of the fundamental uptrend into 2030 with prices over $1 million.
June 2, 2021 (c) theta.digital
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