It's not over yet
First of all, no one knows for sure, we are all just guessing.
My guess is that Bitcoin will have its next low in the 12,000-13,000 area, somewhere in the period of November 2022 – January 2023. Because historically, it corrected more than 80% over a period of around one year.
The Waves on the chart are not Elliot waves, it just counts major corrective waves. If this was Elliot waves, then here is the count:
- Peak in 2014 is wave 1
- Low in 2015 is wave 2
- Peak in 2017 is wave 3
- Low in 2018 is wave 4
- Peak in 2021 is wave 5
From here, I can only guess that low in Nov22-Jan23 is either a corrective wave A, or (less probably) final corrective wave C.
I am clinging towards the short side because the world is not as stable as it used to be in the last decades, and it's very hard to find any evidence of continued prosperity.
Bitcoin is a risky asset, and people buy it mostly to gamble. When world is already dangerous due to inflation, less people can afford to gamble. Very general, but makes a ton of sense IMHO
If you like this idea, please hit the like button, and check out two other posts linked below. Thanks!
My guess is that Bitcoin will have its next low in the 12,000-13,000 area, somewhere in the period of November 2022 – January 2023. Because historically, it corrected more than 80% over a period of around one year.
The Waves on the chart are not Elliot waves, it just counts major corrective waves. If this was Elliot waves, then here is the count:
- Peak in 2014 is wave 1
- Low in 2015 is wave 2
- Peak in 2017 is wave 3
- Low in 2018 is wave 4
- Peak in 2021 is wave 5
From here, I can only guess that low in Nov22-Jan23 is either a corrective wave A, or (less probably) final corrective wave C.
I am clinging towards the short side because the world is not as stable as it used to be in the last decades, and it's very hard to find any evidence of continued prosperity.
Bitcoin is a risky asset, and people buy it mostly to gamble. When world is already dangerous due to inflation, less people can afford to gamble. Very general, but makes a ton of sense IMHO
If you like this idea, please hit the like button, and check out two other posts linked below. Thanks!
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