Bitcoin May Slow Down Within A Higher Degree Correction Soon

Gregor Horvat
By Gregor Horvat of www.wavetraders.com
Forex Technical Analyst •

Bitcoin may slow down within a higher degree correction from a technical point of view and by Elliott wave theory.

Four Assorted Cryptocurrency Coins

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Bitcoin made an impressive rally in 2023 due to hype of Spot Bitcoin ETF and bullish stock market, but daily BTC CME Futures chart shows some resistance here at projected 49k-50k target area for wave (3). So, now after the Approval of Spot Bitcoin ETF, BTC can easily slow down within higher degree wave (4) correction that can retrace back to 40k-38k GAP area from December of 2023 before we will see a bullish continuation for a higher degree wave (5).

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