BTC Diametric Ending, Long-Term Bull Market Beginning?
BTC has reached the end of a diametric pattern which began at the highs in early 2021. In a diametric there must be at least 5 waves that are similar in time and 2 waves that are different. That has manifested here perfectly, orange boxes are the same time, green boxes are the same time.
This implies that we have just ended a nearly 2 year pattern and we should be entering into a bull market that takes at least as much time as the bear market and will probably go past all time highs. BTC could be over 250k by next year. Many alts will see even larger percentage gains. Money will be flowing in from China and Asia which was a key factor in both the 2017 and 2013 bull runs, which were arguably much bigger and more profitable than 2021, which was mostly pumped up on fraudulent money from FTX, Luna, 3AC, DCG, etc. Now that all the fraud has been exposed we are ready for a recovery from this mess and a "real" bull market forming in 2023.
Momentum also looks really good here and ready for a big move up. Right when all the headlines are about FTX collapsing and "Binance being insolvent" (they're not), and other FUD that has been polluting the headlines, much of which is completely baseless, we are ready for the market to start ripping up. Media manipulation is in full swing to get people to sell their coins for dirt cheap right before the giga pump.
This implies that we have just ended a nearly 2 year pattern and we should be entering into a bull market that takes at least as much time as the bear market and will probably go past all time highs. BTC could be over 250k by next year. Many alts will see even larger percentage gains. Money will be flowing in from China and Asia which was a key factor in both the 2017 and 2013 bull runs, which were arguably much bigger and more profitable than 2021, which was mostly pumped up on fraudulent money from FTX, Luna, 3AC, DCG, etc. Now that all the fraud has been exposed we are ready for a recovery from this mess and a "real" bull market forming in 2023.
Momentum also looks really good here and ready for a big move up. Right when all the headlines are about FTX collapsing and "Binance being insolvent" (they're not), and other FUD that has been polluting the headlines, much of which is completely baseless, we are ready for the market to start ripping up. Media manipulation is in full swing to get people to sell their coins for dirt cheap right before the giga pump.
Commentaire:
While we did make a nice move from 16k-31k and this chart has been directionally correct for the last 4 months, my longer-term target does not seem as though it will be reached based on new information. Most likely we are creating a top here and will see some significant pull back before the bull market actually begins.
Watching for a pull back to around 19k (61% retracement of the last move up). If this pull back does materialize, I suspect it will be the last time BTC is ever under 20k.
This will likely be labeled as wave-c of G, or possibly as a wave-2/wave-b of the beginning of a new advance. For the latter case to be correct price must stay above 19k. If it goes lower, then only the former is possible.
This wave should end around the 3rd or 4th week of March, which will likely coincide with Hong Kong releasing their plan for legalizing cryptocurrency exchanges in the country.