“The likelihood of cryptos ceasing to exist is vanishingly low,” according to Thomas Anthonj, founder of Systematic Trade Advice (STA).

Anthonj, an Elliott Wave specialist, argues that both Bitcoin (see Chart) and Ethereum are presenting textbook A-B-C pullback patterns. The setup favours an extremely bullish move, involving a multi-year impulsive Wave III that will take them to approximately 1.618 times Wave I, i.e. around 124,706 for Bitcoin over the next 6 to 7 years.

For the moment, however, key resistance at 23,025 caps the upside for Bitcoin and threatens to pressure the current C wave further to the downside, potentially derailing the setup. Anthonj says that only a weekly close above key-pivotal resistance at 32,917 (the January 2022 low) would confirm a new, long-term trend.

See Chart.

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