Bitcoin: And off we go! 🚀

Oct 4, 2023

Over the past few hours, Bitcoin has held the 61.80% retracement level of $27 374 within the turquoise target zone (coordinates: $28 157 & $25 590), and has even managed to bounce slightly higher from it. Accordingly, our primary count remains fully intact and we continue to assume that the cryptocurrency is currently working on the sub-waves of the turquoise wave [(ii). Next, we expect the price to surpass the resistance level at $31 875. This move should allow the cryptocurrency to gain further momentum and progress within the blue wave (iii). . Although the probability of our alternative has been significantly reduced recently, this secondary scenario remains relevant. There is a 30% chance that Bitcoin could move slightly lower and drop into the green Target Zone between $24 085 and $21 001. However, even in this event, sustainable gains would be expected afterwards.