Because of Friday’s sharp sell-off, we now consider it to be 45% likely that Bitcoin will reach our turquoise Target Zone between $40 323 and $35 374, after all, to establish the low of wave alt. (iv) in turquoise. For this alternative scenario, the support at $41 445 acts as a validation mark, which means that if the price slips significantly below this mark, we would make this scenario the new primary expectation. In this case, the Target Zone described can be used to build up (further long) positions. However, the price remains above the support level of $41 445 – and our primary expectation remains unchanged. In this scenario, we see Bitcoin imminently generating momentum to the upside again to drive the wave (v) in turquoise – which is already underway in this scenario - further north and thus ultimately bring the higher-level wave 3 in green to a close.
