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Trying additional forward, Thielen forecasted additional upside for bitcoin based mostly on Elliott Wave idea, a technical evaluation that assumes that costs transfer in repetitive wave patterns. Value developments develop in 5 phases, in line with the idea, of which waves 1, 3, and 5 are “impulse waves” representing the principle development. Waves 2 and 4 are retracements between the impulsive worth motion. BTC accomplished its wave 4 retracement by correcting to $38,500, in line with Thielen, and has now entered its final, fifth impulsive stage of this uptrend concentrating on $52,000 by mid-March.
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