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Bitcoin Price Prediction: Bullish Running Correction Points to Powerful Breakout

A running correction forms on the Bitcoin daily chart, and so the Bitcoin price looks poised to make a new leg higher. Ahead of the end of the month price action, Bitcoin remains bid as the market forms either a double or a triple running flat.

Bitcoin has had a lot of negative publicity lately. The digital currency consumes a tremendous amount of energy, and for this reason, many detractors are calling a top on the price of Bitcoin every time it makes a new all-time high.

However, the reality is that the price action is extremely bullish, and it appears that the market is forming a running correction. According to the Elliott Waves theory, such a correction forms ahead of the extended wave, which means that the $60k level is just part of a correction, and not the top in the price of Bitcoin.

Bitcoin Price Technical Analysis

A running correction is characterized by the price action ending above the previous wave’s high. The correction has maximum three simple corrections, connected by two intervening waves.

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At this point, the market formed two simple corrections connected by an x-wave. It may form another correction, or the extended wave may start now. In both cases, it means a new leg higher.

Bulls may want to remain on the long side, with a stop at the previous higher low and a take profit derived using a 1:3 risk-reward ratio.

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