Bitcoin’s meteoric rise to $5000 was first featured in our Bitcoin market forecast 45 days before it happened, which gave our members ample time to grow their portfolio and profit from the rally.
Developed in the 1930s, the Elliott Wave Principle is one of the best analytical method used by professional traders to identify the direction of financial markets. By gaining this knowledge, a finance trader can profit more by entering a long position when the market is in an uptrend and not the other way around.
In the case of Bitcoin, we were able to use the Elliott Wave to effectively forecast the market back in late-February. At the time, Bitcoin was trading for $3800 per coin and our Elliott Wave analysis had determined two probable trends that would most likely take form in the near future, as illustrated in the chart below that was shared with our members on February 26.
The first probable path (in yellow) was projected with an immediate bullish continuation to $4500, provided that the price breaks above resistance on the descending trendline.
However, that did not happen so it was clear that the market had taken the alternate probable path (in green) where we had anticipated Bitcoin to decline to around $3685 before proceeding to $5000.
Here is a chart taken 45 days later that shows how the actual trend played out. We can see that the price of Bitcoin dropped to $3685 a week after our forecast. The market then went sideways for a month before eventually rallied to $5000 just like we had projected with the green path.
Like any other analytical method, the Elliott Wave Principle cannot guarantee what will happen in the future. However, it provides the most probable outlook on financial markets. As a premium member, you can take advantage of our expertise and experience to gain a clearer perspective of the market you trade even when it is often uncertain and impossible to predict. Go premium now!