Botelho used the famous Elliot Waves, developed by Ralph Nelson Elliot at the beginning of the 19th century, to explain his technical analysis and his projection where Bitcoin can reach almost 1,000,000 dollars.
Elliot's theory, which takes its foundations from Dow's theory, explains that markets have bullish cycles; and they in turn consist of 5 waves, subdivided into 3 shock waves and 2 corrective waves.
These corrective waves will never fall below the start of the predecessor wave; so they generally constitute a fibonacci retracement of between 38.20% and 61.8% of the previous wave.
In addition to 5 main waves, markets also correct more deeply through waves called a, b and c.
Each of these stages also has its own impulse and recoil waves.
Botelho shows through the graphics how the general development of Bitcoin clearly shows waves 1, 2, 3 and 4; and what we are currently experiencing is the beginning of wave 5.
Thus, the price of Bitcoin should not fall below USD 3,200 (minimum zone reached by the end of wave 4); and carry out its expansive movement exceeding the previous maximum of almost USD 20,000, and having USD 50,000 as its first objective; but based on the proportion of the waves, where it is indicated that wave 5 is equal to or greater than the size of the previous blast wave (wave 3), Botelho states that the objective of the prediction is very close to one million dollars.
With solid arguments and clearly stated, Fausto shows us a very good prediction for the price of Bitcoin, also supporting the booed prediction of McAfee.
Finally, it indicates that it is a projection that will happen over several years; Well, like every wave, it will also have its own internal stages.
What do you think, can Bitcoin reach a million dollars?
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