In less than three and a half year Bitcoins has rallied from 0.049 to 1,242 If that isn't a speculative bubble, then I don't know what is.
Was there any warnings, that it was close to a top near 1,242? Using The Elliott Wave Principle it would have given a fair warning, that after the break above the top of wave 3 near 900 it had entered wave 5.
If we used the normal calculations for a possible top for wave 5 we would have calculated 61.8% of the distance traveled from the bottom of wave 1 (0.049) to the top of wave 3 (900.97) and added that to the bottom of wave 4 (453.29), which would have given a possible wave 5 target near 1,010.
Had we taken the length of wave 3 from 63.30 to 900.97 it would have given a target of near 1,291 and finally if we had taken 100% of the distance traveled from the bottom of wave 1 to the top of wave 3 and added it to the bottom of wave 4 it would have given a target of 1,354.
That means we could have expected a top in the range from 1,010 to 1,354.
What can we expect from here? We should at least expect a 61.8% correction of the rally from 0.049 to 1,242, which will give us a target near 474 close to the bottom of wave 4 of one lessor degree at 453.29.
If we zoom in on the last part of the decline we can count a four wave decline (see the chart below) and is still missing the final fifth wave lower. If wave 4 is over at 718 we can calculate the first wave v target to 464.64 and the next to 308.27. As we now have a cluster of target in the 453 - 474 area I would look for a bottom for wave v of c in this area.
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