A large bullish structure has been completed, and we now believe the market is in an X wave. At this stage, the X wave appears to be unfolding as a Flat correction. While we can’t say this with certainty yet, it’s still too early to draw firm conclusions about the overall structure of the X wave.
Wave A of this X wave currently looks like either an Expanding Triangle or a Diametric pattern, and we appear to be in the middle of wave E of that formation.
We expect this wave to complete within the green zone, followed by a bullish reversal toward a new ATH in the form of wave G.
The Optimized zone is one of the strongest areas where a new all-time high could be established.
This is the weekly timeframe, so the completion of wave A of X will likely take some time.
This is our current outlook and long-term view on Bitcoin. Let’s see how the market unfolds.
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