Wanting additional forward, Thielen forecasted additional upside for bitcoin based mostly on Elliott Wave concept, a technical evaluation that assumes that costs transfer in repetitive wave patterns. Worth traits develop in 5 phases, in keeping with the idea, of which waves 1, 3, and 5 are “impulse waves” representing the primary development. Waves 2 and 4 are retracements between the impulsive value motion. BTC accomplished its wave 4 retracement by correcting to $38,500, in keeping with Thielen, and has now entered its final, fifth impulsive stage of this uptrend concentrating on $52,000 by mid-March.
