As we all know that cryptocurrency has been going a tough crypto winter for the whole of 2022. The debacle of FTX created a domino effect among other crypto platforms, and have caused catastrophic losses in both institutional and retail investors. So what lies ahead for the future of bitcoin ?
In contrast to the stock market, commodities ( I will categorize cryptocurrency as such) commonly develop fifth wave extension in primary degree bull market.
I believe bitcoin is still in the bull market phase . The recent price drop from 68K to 15K, using a log scale, is a 50% correction from the low of 3.8K in 2020 to 68K in 2022. And I will label this correction as a wave ii in the fifth wave extension as shown in the chart.
We are now about to embark or already in the wave iii of the fifth wave extension. The target price for the wave iii is in the 1 million price range before dropping down to 200 K (wave iv).
Bitcoin is a very volatile and risky instrument to trade or invest, but the reward/risk ratio are multi-bagger if one stays vested despite of all the noise. Follow the Way !
In contrast to the stock market, commodities ( I will categorize cryptocurrency as such) commonly develop fifth wave extension in primary degree bull market.
I believe bitcoin is still in the bull market phase . The recent price drop from 68K to 15K, using a log scale, is a 50% correction from the low of 3.8K in 2020 to 68K in 2022. And I will label this correction as a wave ii in the fifth wave extension as shown in the chart.
We are now about to embark or already in the wave iii of the fifth wave extension. The target price for the wave iii is in the 1 million price range before dropping down to 200 K (wave iv).
Bitcoin is a very volatile and risky instrument to trade or invest, but the reward/risk ratio are multi-bagger if one stays vested despite of all the noise. Follow the Way !