How bitcoin is going to $500 (and why this is a good thing)
Bitcoin has been following the Elliot wave theory since its inception. After its first 5 wave impulse cycle ended in 2011, the price declined sharply in an ABC corrective wave pattern. Since then, a larger 5-wave pattern has formed over the span of 10 years. I think the market will surprise everyone again and head lower to under $2k. If you are a smart investor and a true believer, you would realize now is a bad point to invest in the long term. Bitcoin has "always gone up" because it was in an impulse wave count since inception.
This time is different.
There will be no bullmarket this time, infact we haven't completed our B wave when everyone was calling this the next bull run. Markets don't instantly turn from bear to bull like this did. I am expecting price to dump to sub $2K and then another B wave to complete a double zig zag correction. From hear I would be looking to sell at the top of the blue downwards channel or around $6K.
Then down to sub $500 where the institutions will be buying up all of the BTC from retail and early adopters. That's how a new bull market will happen.
This time is different.
There will be no bullmarket this time, infact we haven't completed our B wave when everyone was calling this the next bull run. Markets don't instantly turn from bear to bull like this did. I am expecting price to dump to sub $2K and then another B wave to complete a double zig zag correction. From hear I would be looking to sell at the top of the blue downwards channel or around $6K.
Then down to sub $500 where the institutions will be buying up all of the BTC from retail and early adopters. That's how a new bull market will happen.