The cryprocurrency's inability to breakout above its June 13 high of $3,000 suggests it is forming a triangle pattern that could see as many as five swings, and a low of $1,786, Jafari writes.
But fear not, says Jafari, because a run at record highs is in the cards as bitcoin remains in the fourth wave of a five wave series. "Anything above 3,000 (Jun. 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high.)," Jafari wrote in a note to clients sent out on Monday.
So far Jafari has been spot on in her analysis. In early July, Jafari suggested
bitcoin wouldn't fall too far below $1,857. It fell to somewhere between $1,758 or $1,852 (depending on which data you use). A few weeks earlier, Jafari predicted
a big drop was coming after bitcoin hit $3,000.