#Bitcoin #BTC 💵 should bounce soon from the 56,500 level and continue in the bull market to an all-time high.

To establish the ultimate profit target for the whole bull run, we need to use the Fibonacci extension and Elliott Wave theory. Throw away all Fibonacci levels on Bitcoin and use only following that works: 0.382, 0.500, 0.618, 1.000, 1.382, 1.618, 2.000, 2.382, 2.618, 3.000 etc......First, we need to make an Elliott Wave count, and after that, we can use the Fibonacci extension tool. As per my Elliott Wave count, we are in the final wave (5) of the whole bull cycle. That means we are in an impulse wave (1)(2)(3)(4)(5) and finishing the fifth wave. In general, to establish the profit target for wave (5), we need to use the Fibonacci extension tool from the start of the bull market, to wave (3), to wave (4). Usually, we want to target the 0.382 fib extension or the 0.618 fib extension. But in this case, it seems to be too low, so I am targeting a 1:1 FIB extension because of the wave (2) look. This gives us a profit target of 114,853.💰🚀