Bitcoin will probably break its all time high in the coming months, according to Tony Sycamore, Market Analyst for City Index.
Sycamore, an Elliott Wave specialist, thinks Bitcoin completed a Wave iv pullback at the 28,600 low and that a test and break of the $64,895 top is likely in the coming months (Chart 1).
Shorter-term, Sycamore says Bitcoin continues to consolidate recent gains above a band of support between $44-46,000, which also includes the 200-day moving average at $46,000. If Bitcoin can break above the band of resistance between $50,000 and $53,000 (Chart 2), which includes the 61.8% Fibonacci retracement (at $51,300) of the decline from the $64,895 high to the May $28,600 low, it would indicate a push towards the next upside target at $61,000 is underway.
However, should Bitcoin first break and close below support at $44-46,000, Sycamore says to allow for a deeper pullback towards $40,000.