Thanks for sharing. Just some constructive feedback. Your elliott wave counts appear to be off. Waves 1 and 2 have to be a certain distance apart. Your first 1 and 2's are almost parallel at the top. Your 2nd 2 wave at the end seems like it is mis places also. I see the 2 being at the top of the second double top. We breached the 200 day moving average which only happened once. The market will go lower 2300-3500 before making it bull run. ( I believe).
@GazMema, Time reveals all. I have learned in life to never say Never about anything. I do know that the market does not care about the cost of electricity. and if btc becomes cost prohibitive there are other cryptos that are willing to step up and happy to fill transaction demand. A more likely scenario is that the hashrate drops and it becomes cheaper to mine. mining operations using energy efficient technology like solar panels could also dominate, however be careful with the logic of the price can't drop because of mining costs.. As the market can drop and let the miners adjust which they will or the technology will adjust as proof of stake and distance is a much better way to confirm transactions than mining. Good luck to all.
@Makingithappen, Miners will keep mining as they believe in the tech behind it but wont distribute, that way more and more BTC falls in long term holders pockets meaning accumulation will get weaker and weaker. Yes it could go below cost price but not for a longer period.
@Makingithappen, nice reply. True, market does not care but the big dips and then big come backs on low volume show just that. 10% of people sell scared and the big players love those cheap prices. It's 10 years and BTC has managed to surprise everyone. But yes, it can go to zero, also it can go to 50k this year. I was betting my brother last November after it reached 7.8k, that it will pass 10k in December, it went 20k :). Anything is possible
@GazMema, Thanks! I am positioning myself to win both ways, so I am neutral. I don't want the market to drop down to those levels, but if they do I will be ready with a big truck to do some serious buying. If it goes up then I'm positioned for that as well:), either way its exciting to watch it unfold