TheFinancialForecast

Are Bitcoin and the Metaverse the next Bubble?

BITSTAMP:BTCUSD   Bitcoin
As we are used to, everything around Bitcoin and crypto has a very high emotional volatility, one day everybody loves it but the day after everybody hates it. All these emotions are reflected in the waves, as a representation of the investors' social mood, and at this moment we are in the negative and pessimism phase. This chart shows the connection between the time of all the different waves, and the bullish motive waves got mature around 140 to 150 weeks (the last 2 exactly at 152 weeks) with a decrease in the speed, reflected in the angle. The last wave has an angle of 14 degrees, showing that the mood during this peak was less intense. From then a correction is taking place building strong support around the "1st Long Term Attractor", the 36K area. The chances to see a new low in the short term are there, but the healthy signal for a bullish continuation will be a quick return to the mentioned area, bringing the confidence back.
Other tokens, like SANDUSD and MANAUSD are strongly correlated to Bitcoin, for this reason, we expect the bullish momentum will start at the same time.

Fintbi.com
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.