Bitcoin Rebounds To 65K As Correction May Be Over

May 6

Bitcoin rebounds strongly to 65k area, which can be signal that correction may be over from technical perspective and by Elliott wave theory.

We have been talking a lot about a corrective decline in the Crypto market in the past weeks. We also talked about Bitcoin ahead of the halving and we also shared a free chart back on April 15th, where we mentioned and highlighted a higher degree wave 4 correction within ongoing bullish cycle.

As you can see today, after a slightly deeper corrective decline, Bitcoin is bouncing strongly which indicates that wave 4 correction may be over at the ideal 38,2% Fibo. retracement near 56k support. So, be aware of a bullish continuation within wave 5 of III that can send the price back to all-time highs towards 75k-80k area, just watch out on short-term pullbacks.

May 21

Note

As expected, after we spotted wave 4 correction, Bitcoin can be now on the way higher within wave 5 of III towards 75k - 85k area or higher.