Bitcoin price is trading at more than $ 28,000 per coin and is up nearly 78% year-to-date in 2023. This could only be a mere glimpse of what’s to come, which could ultimately be the biggest rally in crypto in several years – even beating the performance of the 2020 bull run.
Here is what Elliott Wave Principle rules and guidelines could be telling the market about where BTC in its market cycle.
Bitcoin And Elliott Wave Principle
Bitcoin price ebbs and flows between phases of extreme irrational exuberance and fear. During uptrends, the top cryptocurrency goes on record-breaking rallies. In downtrends, up to 80% or more of the upside is then wiped out. But this is simply natural market cycles at play.