This is the most pessimistic scenario I can think of right now. If bitcoin is not going to appreciate any longer it is possible we have just finished wave B of huge zigzag which started in Nov 2013.
First leg of this zigzag was equal to about $1000 which is 86%. Wave B (if it has just finished) stopped in the region of iv subwave within A. This is very interesting since according to Elliott Wave guidelines subwaves 4 often act as strong support/resistance zones.
Now if we are to watch wave C develop soon it is quite probable it will be equal to wave A. Therefore one could expect this drop to be close to 86% which means it could finish close to $67. Again this region is quite interesting since this would be withing subwave 4 of major bull market which finished in Nov 2013. And as it was mentioned above subwaves 4 often act as strong support/resistance levels.
If this scenario is true we can expect at least 10 months of bear market.
First leg of this zigzag was equal to about $1000 which is 86%. Wave B (if it has just finished) stopped in the region of iv subwave within A. This is very interesting since according to Elliott Wave guidelines subwaves 4 often act as strong support/resistance zones.
Now if we are to watch wave C develop soon it is quite probable it will be equal to wave A. Therefore one could expect this drop to be close to 86% which means it could finish close to $67. Again this region is quite interesting since this would be withing subwave 4 of major bull market which finished in Nov 2013. And as it was mentioned above subwaves 4 often act as strong support/resistance levels.
If this scenario is true we can expect at least 10 months of bear market.