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  • Writer's pictureRanjeet M CFTe

Bitcoin - How far away is the moon?


This valentine's day, I am reminded of the song by savage garden which goes "I will fly you to the moon and back, if you will be ... " If bitcoin is headed to the moon, as some say it is, I wonder how far away is the moon from the current point? According to the Elliot wave principle (read the wiki page here), bitcoin should complete its up-move in 5 waves followed by a retracement of the move in 3 waves. Assuming wave 1 was established between 2016 and 2017 when bitcoin went from US$ 500 to 20000, the moon is currently hovering around 85000 and 100000 for bitcoin with a possible wave 4 retracement before it arrives there. Time will tell. Happy investing / trading!

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