close icon

Bitcoin Is Up 35% Since Christmas. Here is Why

The price of Bitcoin was hovering around $7200 on Christmas, down from $13 880 six months earlier. And while the majority of headlines were all doom and gloom, the cryptocurrency‘s price charts were telling a very different story.

Bitcoin was down 48% from its recent top, but that wasn’t the time to join the bears. The analysis below, sent to subscribers on December 25th, revealed that the few bulls’ optimism was actually warranted this time.

Bitcoin bulls getting ready to shine

Bitcoin’s 4-hour chart showed that the decline between $13 880 and $6425 was a simple a)-b)-c) zigzag. The correction included a triangle in wave b) and an ending diagonal in wave c). BTCUSD was in an uptrend prior to this decline, so it made sense to expect that uptrend to resume once the pullback was over.

In addition, the Elliott Wave analysis allowed us to identify $6425 as the invalidation level for this count. A stop-loss order there would limit the risk of loss while keeping the profit potential open. A month and a half later now, the updated chart below shows how the situation developed.

Bitcoin up 35% since Christmas following an Elliott Wave correction

Bitcoin is currently trading near $9770, up 35% since Christmas. More importantly, $6425 was never threatened. And while the price is going to stay volatile and react to every single piece of news, traders should remember to look at the charts, too. Quite often, the information they hold can put you months ahead of the next major move.

What will BTCUSD bring next week? That is the subject of discussion in our next premium analysis due out late Sunday!



Stay informed with our newsletter

Latest Elliott Wave analysis on different topics delivered to you weekly.

Privacy policy
You may also like:

Should You Buy Solana? What the Charts Say

Solana just cracked the top ten biggest cryptocurrencies with a market cap of just under $21 billion. The rumored Ethereum rival is up 235% in the past month alone after a steep ascent from $22.11 to as high as $75 so far today. Does this mean it is time to join the bulls and invest…

Read More »

Ahead of the Bitcoin Curve Since the Tesla Let-Down

The last time we wrote a free article about Bitcoin was on May 13th. The price of the biggest cryptocurrency had just plunged from over $57k to sub-$46k after Tesla CEO Elon Musk tweeted the company will no longer accept it as payment. As we showed in that article, the Tesla disappointment was just a…

Read More »

ETHUSD ‘s Bearish Elliott Wave Cycle Almost Complete

The time between May 12th and May 23rd is a period ETHUSD bulls would want to forget. The second largest cryptocurrency fell from an all-time high of $4380 to as low as $1730. While some might consider crypto to be gold 2.0, crashes like that one reveal that the space is still a wild west…

Read More »

Bitcoin Bears Needed a Catalyst. Tesla Obliged

Tesla CEO Elon Musk announced the company would stop accepting Bitcoin as payment due to environmental concerns. The EV-maker’s Bitcoin stunt lasted for just three months, apparently the time it took for its CEO to realize how inefficient and energy-consuming BTC mining is, something we wrote about in March. The price of Bitcoin, of course,…

Read More »

Harmony Coin Draws Bullish Elliott Wave Setup

Bitcoin, Ethereum, Dogecoin, you name it. There are already thousands of cryptocurrencies in existence, most of which serving no other than speculative purpose. The fact that even the big guys on Wall Street can’t resist the urge to dip their toes in the space only makes retail investors more confident. We remain skeptical. Today, however,…

Read More »

ETHUSD Wave Pattern Can Disappoint the Bulls Soon

For the crypto space, it is 2017 all over again, except bigger. The two biggest cryptocurrencies – Bitcoin and Ethereum – exceeded their previous records and then some. ETHUSD, in particular, is now approaching $2600 and is not very far from doubling its January 2018 peak level. Furthermore, ETHUSD is up 32-fold from its December…

Read More »

Bitcoin Can Never Be a Global Currency. Here’s Why

Bitcoin’s relentless rise in the past year forced even some its most vocal critics to throw in the towel. Kevin O’Leary, for example, used to call Bitcoin “garbage”, but recently said that he has 3% of his portfolio in BTC and ETH. And indeed, many, us included, have been calling Bitcoin a bubble for years,…

Read More »

More analyses