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Bitcoin Long Term Chart Elliott Wave

One Trader Uses Elliott Wave To Forecast A Sky-High Bitcoin Price

Could the price of Bitcoin ever top $1 million?

Even as recently as a few months ago that question seemed outrageous, and wasn’t taken seriously by the vast majority of financial analysts.

However, in the last few months big money – institutional money – is surging into Bitcoin.

Additionally, now that Bitcoin is accomplishing new all time highs virtually every day – and making serious progress towards $100k – many people who used to instantly dismiss John McAfee’s $1 million Bitcoin price target are now giving it a second thought.

One technical analyst who goes by the online handle of Phoenix has created a log scale chart using Elliott Wave and Fibonacci expansion to project that Bitcoin could reach $4.5 million next year.

Right now, we’d be in the camp to instantly dismiss the price target as outrageous.

But a few months from now, will we be giving it second thoughts???