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Before / After Analysis – Bitcoin – Wake me up when 2018 Ends

In June 2018 we published:

in which we proposed the following scenario for Bitcoin in US dollar:

On a semi-log price chart the rise from $152.40 in Jan 2015 to $19,666 in Dec 2018 shares similarities with the previous increase from $2.22 in Oct 2011 to $1164 in Nov 2013 (Bitstamp price history) with both waves looking like impulses in a larger bull market.
The initial impulse [1] marked a advance of 52,400% in two years and was followed by a wave [2] zig-zag retrace that corrected to $152.40 or 79.5% of wave [1] in 14 months or a time fraction of 58% as shown in Chart 2.
So far wave (1) marks a progression of 12,800% in three years, which pales in comparison with the previous wave [1] and therefore the suspicion is high that it is only the first wave of a longer lasting and higher reaching wave [3] that should decompose into now completed impulse wave (1), developing zig-zag wave (2) and to be followed with impulse wave (3), corrective wave (4) and final impulse wave (5).
Chart 2 from June 16th 2018, BTCUSD Monthly Price Chart
BTCUSD UTM Log Elliott

A little bit more than one year later this is now how this same chart is looking like:

Updated BTCUD Monthly Price Chart, July 7th 2019

Readers should note that we are now in the wave (3) of [3], which should be the strongest directional wave overall and it looks highly probable that once the previous $19,666 Bitcoin price high is exceeded BTCUSD could easily reach above $65,000 per bitcoin (more on this target later).

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