Correction is over! Bitcoin is on a new giant bull cycle to 22k
I know that many traders are expecting Bitcoin to tank further. However, I believe that the multi-year bull cycle correction was already over when we hit 6k back in February. In fact, we have been on a new giant cycle starting from April that will bring us to 22k by end of this year. Of course I could be wrong but if I am right, the road to 22k should be something like what I have charted.
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Here is a private forecast I made for Bitcoin Cash last week that predicted the trend up to the day it broke out of the wedge. It was truly an epic bulls vs bears battle for Bitcoin Cash yesterday. :)
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Many top traders are expecting the Bitcoin (BTC) price to go down to 7k-ish (down to the main trendline) but as you can clearly see, the price has been holding above 8k. So why won't it budge and go down further? That is because we are likely on the corrective wave ((ii)) of the impulse wave 3. The lowest this corrective wave can go is 8070. In short, if price moves up from 8k, then it is going to 9700-10000. It also confirms that we are indeed on a new bull cycle that leads to 22k by end of this year.
However, if the price does move down below 8k, it means that I am wrong and that we are still in the middle of the giant bear cycle. As such, we can expect more downside from here on until the bottom is reached.
However, if the price does move down below 8k, it means that I am wrong and that we are still in the middle of the giant bear cycle. As such, we can expect more downside from here on until the bottom is reached.
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Bitcoin Cash (BCH) price just fell through a significant support level. The bearish sentiment is making me think price might fall deep later tonight (it is 8:21pm here). The high volatility we see now is not a good time to put or have money in. I have pulled out from the market. I suggest that you be extra vigilant with tonight's price action.
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(Sorry, I accidentally posted an update in the comments section.)
I have said that the lowest this corrective wave can go was 8070 but the price got down to 8050 in actual. What does it mean then? If I am right, I think this might be our bottom for today and price should now move up to 9.7k. The catch is... this may not be the bull cycle leading to 22k but rather a dead cat bounce with a top at 10k maxed. Yes, we are still in a giant bear cycle but that does not mean we can't make some good profit from here.
I have said that the lowest this corrective wave can go was 8070 but the price got down to 8050 in actual. What does it mean then? If I am right, I think this might be our bottom for today and price should now move up to 9.7k. The catch is... this may not be the bull cycle leading to 22k but rather a dead cat bounce with a top at 10k maxed. Yes, we are still in a giant bear cycle but that does not mean we can't make some good profit from here.
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This chart has been invalidated. I have a new updated chart that explains where we are going and the dangers that lurk in the next few days. Click the chart below ->
