In this article, I am not attempting to go into the differences between the world’s top two cryptocurrencies or make a case for either being more widely used or better than the other. I am simply going to map out the differences and similarities in recent market action, along with short-term projections, and try to decide which one is better for you as an investor.

Bitcoin futures (BTC) today saw their first decent gains since the fall from all-time highs precisely one week ago. The increase of $2,550 or 5.5% took BTC’s most active contract of March (BTC H21, soon shifting into April BTC J21) up to approximately $48,800.

Bitcoin took a lose yesterday with futures (BTC #F) closing down approximately 3% ($1,630) at $53,900. BTC hit a high yesterday of $57,790, which was just above where we predicted an end to the current impulse wave, so we cannot safely assume we have entered a corrective A, B, C period.

Like we wrote about last week BTC is currently in a wave 5 scenario today with the help of our charts are going to make the case of where this final impulse wave will conclude.

“One way to forecast a fifth wave target with Elliott Wave is from the .618% extension area of the first & third waves combined measured against the high in the fourth wave.

After Elon Musk’s bombshell earlier this week that boosted Bitcoin’s value by around 20% in two days, and it seems that this week just keeps on giving. After being convinced that we had seen a short-term top on Tuesday at the new all-time record high just under $49,000, news today by MasterCard propelled prices just above the $49K marker.

Elon musk gave more than a tweet to boost Bitcoin price with the announcement yesterday that Tesla would invest $1.5 billion into Bitcoin and may soon begin accepting Bitcoin as a payment method. This news from Tesla’s CEO is undoubtedly the most significant headline that the world’s largest cryptocurrency has had for some time.

Having hit an intra-day high of $42,000 on January 8^th, BTC futures have been trading between $30,000 and $39,000, with yesterday’s 1.67% gain bringing prices to the top of that range to close at $38,015. The likelihood that we have seen a price high that will stand for some time must be noted. Currently, we have BTC trading fractionally lower at $37,790.

BTC futures is currently posting a gain of $2300 (6.76%) as of 3:20 PM Eastern Standard Time. It is currently trading above a resistance trendline that it had moved above intraday on Friday of last week and Monday but was unable to hold and close below on both occasions.

ßitcoin seems to have found at least short-term support at our first of three likely pivot points that make up the three most probable places for the current triangle pattern to find a bottom.

BTC futures are trading within an asymmetrical triangle, this pattern is relevant now and could continue to define price action until the current correction concludes. The left side of the triangle is drawn by connecting the high of December 11, 2022, the all-time high on January 8, 2021.