Last January, we’ve projected where Bitcoin will probably hit this quarter and it comes to a surprise that it has broken $40,000 this week.

In case you missed the memo, Tesla recently reported that they bought $1.5 billion worth of Bitcoin and they are going to accept this as a new mode of payment.

 

Bitcoin January 1, 2021 Analysis
$BTCUSDT Fibonacci Projection last January 2021

 

Popular analysts over at Twitter are now also noticing that they’re having a hard time getting a read from Elon Musk and Tesla in general.

We’ll take a look at the current state of Bitcoin this week as well as other altcoins that might be worth looking at.

 

Is This A Fifth Wave Or An Ongoing Extended Third Wave?

Because of these crypto developments this month that actually started from the popular meme Dogecoin that Elon Musk kept tweeting about in the past couple of days, we might see the majority of market participants become euphoric.

 

Here is the recent status of our $50,000 Bitcoin price target projection as of this writing. As you can see, the price has now breached the 141.4% Fibonacci level.

 

Bitcoin breaching $40,000
This Fibonacci Box suggests that Bitcoin can go beyond $50,000

 

Since $50,000 is what most traders and analysts are looking at right now, it is likely possible that there will be heavy selling pressure near that area. But since Tesla’s involvement with investing into Bitcoin, there’s a high chance that other major companies might follow suit.

If the hype continues to be euphoric for the rest of the quarter, we might even see it to go beyond $50,000 levels and proceed to our Lazy Wave 3 area which is at 196% and 216.18% of this box retracement.

However, we also see an alternate plot if we are to look at its recent Elliott Wave move from this Daily timeframe perspective.

 

Bitcoin Daily Projection As Of February 2021
$BTCUSDT Daily timeframe also suggests price can go beyond $50,000 (and assumed extended W3 can even go to 261.8% if the move remains to be euphoric)

 

Since Bitcoin is so expensive and most people might get sucked in the FOMO race, we’ve decided to look at other altcoins that’s potentially worth looking at.

 

What Altcoins Are We Currently Watching?

Just a quick disclaimer (even if we already placed one at the end of the blog): this isn’t investment advice so treat everything you read here as a grain of salt.

Dogecoin ($DOGE)

Apparently memes are now valuable to the majority of the investing public ever since r/wallstreetbets blew up because of the GameStop fiasco.

This week, $DOGE has managed to maintain above $0.08 and we might see it hit $0.10 sooner than we think.

But judging from this 15-min timeframe plot, we’re seeing it can rise beyond $0.10 levels if you’ve been using our Lazy Elliott Wave Theory approach.

 

DOGE analysis 2-9-2020
$DOGEUSDT at the 15-min suggests that the potential “Lazy W3” will be at around $0.37 once $0.09 breaks out.

 

Litecoin ($LTC)

Often dubbed as the “silver” to Bitcoin’s gold, we’ve observed that it’s doing pretty well when it comes to maintaining its new $150 support level.

Currently we are looking at if $160-170 range can hold out and we’re expecting a big move for the next couple of days (or hours).

 

Litecoin analysis
$LTCUSDT at the Daily: $300 looks like a level that participants are looking into for taking profits

 

TRON ($TRX)

This altcoin has been one of our most underrated picks considering that Justin Sun, the founder of TRON is also part of the WSB hype train.

As far as upsides are concerned, both are good in short and long term projections. Just manage your expectations (and greed) wisely.

 

TRON projections Feb 2021
$TRXUSDT 0.090 to 0.094 should be decent levels to take profits

 

We’ll leave it up to you to measure the “long term projection”  once 0.10 levels break because let’s just say it’s higher than Dogecoin’s projection if you suddenly decided to FOMO on this coin.

And now we continue to watch the crypto markets if the recent move from Elon Musk and Tesla will influence other big companies to follow their lead.