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Bitcoin Going to $8,000?

Bitcoin (BTC/USD) has been in consolidation since failing to push above 20K. The form of this consolidation is finally coming into shape. Last week, it was still possible that BTC/USD was coiling into a triangle. But last few sessions of continuing price dip made it more likely an ABC correction.

BTC/USD

  • The daily chart above shows the possible ABC correction. 
  • Using projection of wave A, wave C would target around $8,000. 
  • It is definitely a stormy correction that has not shown a decline in volatility, so don't be surprised if price slides to $8,000 by the end of January.

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