Hi There. I am not sure why you consider that wave 4 could last in time as long as wave 3, but agree with all your other comments. Have been saying as much over the period since Nov 2013 high. Many just getting there first market lesson on Bitcoin no matter how successful they might have been nor how much they think they understand, This correction in Bitcoin will be their first experience in learning that market just do not move up with very little corrections or pauses along the way. Greta chart. Thanks.
Bosphorus_Capital
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Hi. Thanks for the comment!
Corrections almost always last longer than impulses. Markets are said to trend 30% of the time and correct 70% of the time. Superextended waves especially take a long long time to correct according to Glen Neely. Especially thinking how the subwaves and subsubwaves in this cycle 4 are extended, I believe 2016/2018 may be a conservative target for the end of the correction. By the time this correction finishes, the BTCUSD charts should become the least popular charts in the site.
DanV
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Yes, could agree with that. Even the time could be longer than many has anticipated or willing to consider. Thanks for your comments
JasonPalmer
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Yes, it costs 1K+ to mine 1.0 bitcoin (total cost, given the most efficient current equipment, shipped on the earliest possible date, with below average power costs, until the unit is no longer profitable to operate, assuming the average difficulty increase of the last 6months), but btc will be $70 years from now. That makes sense. Especially since it will become less and less useful and popular in coming years. Oh and we're not approaching a die size wall either. KNC is currently shipping 20nm products, but I'm sure they'll keep getting smaller and more efficient endlessly, even though any expert will tell you anything beyond the single digit nm size is impossible. Ever-rising costs to produce + more popularity and usefulnes than ever before + approaching a wall in processor efficiency growth = lower prices than early 2013, in 2018??
The shortsightedness that some of you pure-chartists have is amazing at times. You should short and hold out till 2018. I'm sure it'll get all the way down below $100 by then. Or more likely up to 10k.