Bitcoin May Rise to 40,000 Before Retesting Lows

Today's analysis is based on Elliott Wave Theory in the 1 hour time frame, I see Bitcoin correcting to near 40,000 before bears take over again. After an extreme and brutal continuation selloff over the last week, the cryptocurrency has finally bounced off support with some volume. This recent rally will likely shake out some of the bears that opened over-leveraged shorts.This rally will be over extended at or near 40,000 which will provide an excellent short opportunity.