…BTCUSD should now be wrapping up the final 5th wave to ideally $60-62K, possibly as low as $56-59K. See the orange and grey target zone boxes in Figure 1 above.Fast-forward and BTCUSD bottomed out on May 1 at $56516 after forming a complex smaller degree W-4, which we, unfortunately, didn’t foresee. See Figure 1 below. However, Bitcoin bottomed right inside the lower range and right at the lower edge of the green W-4 target zone, a classic 38.20% retracement of the entire green W-3.
In that case, Bitcoin can then attack the upper descending grey trend line of the potential Bull-flag pattern that is still in play. A break above that trendline will seal the deal in favor of the Bulls, and we should then ideally look for ~$92K . Figure 2 shows that the June and September lows in 2023 coincided with below-average readings. In addition, the January low also saw below-average sentiment. The May 2 Fear & Greed reading of 42 matches prior Bearish sentiment at important recent price lows.
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