Another Year of Sideways for BTC (Elliott Wave Forecast)
Based on Neowave theory, it seems that BTC will continue sideways for another year in the 20k-3k range. First, we'll likely see a hard drop back to the cost of mining in Sichuan, China (~$4800), which is where >55% of all mining occurs. This will lead to miners capitulating and shutting off their machines, which will relieve the sell pressure and allow a long-term bottom to form in the 4-5k range. Then it's likely we float back up towards the top of the range, before seeing another crash back down to the bottom of the range. This will create a massive whipsaw and shake out many of the weaker hands.
In the very long-term, BTC appears to be in a diametric Neely-Elliott Wave pattern, because there is strong time similarity between most of the waves. An impulsive wave here, like many classical EW analysts have counted, makes little sense because of the reasons I've listed on the chart:
In the short-term, River Theory is signaling a break down here on monthly, weekly, daily, and intraday charts and based on the shorter-term wave count we're likely to see wave-e of F ending this month under 5k. There are also several technical breakdowns, and momentum and volume are both bearish. This means we could see a very violent drop this month as miners and weak hands capitulate, which will then recover relatively quickly when new money comes in to buy up all the cheap coins. Put options are the best way to trade this market until we are closer to the bottom of the range.
In the very long-term, BTC appears to be in a diametric Neely-Elliott Wave pattern, because there is strong time similarity between most of the waves. An impulsive wave here, like many classical EW analysts have counted, makes little sense because of the reasons I've listed on the chart:
In the short-term, River Theory is signaling a break down here on monthly, weekly, daily, and intraday charts and based on the shorter-term wave count we're likely to see wave-e of F ending this month under 5k. There are also several technical breakdowns, and momentum and volume are both bearish. This means we could see a very violent drop this month as miners and weak hands capitulate, which will then recover relatively quickly when new money comes in to buy up all the cheap coins. Put options are the best way to trade this market until we are closer to the bottom of the range.
Comment:
Going neutral
