The CTO is in a wave at the third extended cycle, which could end up with $25,500 to $26,400.
Bitcoin is probably in a fourth wave triangle.
A decline below $17,569 would reject this scenario.
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The price of Bitcoin (BTC) is probably still in an upward momentum, which could push it to new highs.
That said, Bitcoin could first go through a short-term correction before rising.
Bitcoin Expansion Targets $26,000
The one-day chart suggests that the BTC has started a bullish momentum (blank below) after the March 13 low, and is currently in a wave in the third extended cycle. The wave count for this cycle is shown in blue, and the BTC is currently in the fifth wave.
At first it appeared to be a large corrective structure. However, the lack of rejections near the maximum peak to date and the subsequent consolidation increases the possibility that it was more of a bullish impulse.
The most plausible range for the end of the fifth wave (in blue) is between $25,500 and $26,300. This target is obtained by using a combination of fibonacci extensions.
Further observation of wave 3 reveals a complete sub-wave count (in orange), increasing the possibility that this count is correct.
In addition, sub-wave 5 corresponds exactly to the 0.618 level of sub-wave 1 to 3, which is a very common ratio when sub-wave 3 is extended.
Thus, although wave 3 (in blue) is probably over, it is not yet clear whether the BTC is now in wave 4, or whether it has already completed it.
Triangle figure or new impulse?
A possible short-term count suggests that the BTC has already started its wave 5 (in blue).
The sub-wave count is indicated in orange and shows that the BTC has completed sub-wave 2. It is now rising within what is probably sub-wave 3, which appears to be impulsive (in green), supporting this possibility.
That said, there is a problem with this count. Wave 3 lasted more than two months, while in this case wave 4 is about a week long (shown in red). This is a very unusual ratio between an upward movement and a correction.
In any case, a decline below the trough of sub-wave 2, at 17,569, would reject this wave count.
The trader @Smartcontracter says that the price of the BTC is moving within a symmetrical triangle, within a fourth wave, and will probably exceed it.
BTC Wave Count
This would probably be more consistent with the price movement, due to the underlying ratio mentioned above.
In this case, the BTC is still in its fourth wave and moving within a triangle. It is currently in the last sub-wave E, after which an upward movement is expected.
Similarly, a decline below $17,569 would reject this wave count, although the trough now comes from sub-wave C. A rise above the top of sub-wave B, at $19,927, would probably confirm that the CTS will continue to grow.
After a possible short-term decline, Bitcoin is expected to resume its upward movement and eventually reach a peak between $25,500 and $26,300.
A decline below $17,569 would reject this scenario, while a rise above $19,927 would likely confirm it.
Caution: Crypton trading is a high risk business and may not be suitable for all investors. The opinions expressed in this article do not reflect those of BeInCrypto.