The recent plunge appears almost over, and we see firm support surrounding $30,000. Our 2021 outlook expects new highs and an advance to $90,000+ by year-end.
Bitcoin collapsed below $40,000, triggering a waterfall of stop orders. The correction that began in April appears to be a standard ABC-style pullback. Prices should find support around $30,000 over the coming days. It would take a decisive break down below $24,000 to recommend a more ominous outcome. Overall, our work supports one more advance into late 2021 that could exceed $90,000.