The decade long Wave 2 correction in Bitcoin is over. Unsuprisingly, the Elliot Wave count on the Total Crypto Market Cap is actually very similar (A Running Triple-Three). Just like on Bitcoin, Time plays a huge part in informing the above count.
Th weekly chart below provides much more detail, showing the completion of Wave Z (on a subwave level):
Also similar to Bitcoin, the Terminal Impulse soldifies the Structure of larger Wave C as an Impulse (a :5). For those who have been following, this is an essential point to understand: It eliminates the possibility that Wave A of Z 'began late' (and no, it can not be Wave A of A as that would necessarily imply a Zig Zag correction is in progress that would have to be followed by yet another relatively long (in price and time) impulsive wave C of A of Z to new lows. In no way shape or form would this work Time-wise.)
More generally (EW aside), we just put in a right shoulder of an Inverse Head and Shoulders bottom pattern.
This is the beginning of the beginning, 9 months of quiet accumulation (while the general public completely forgot about Bitcoin) is over. Now comes the very early stages of the biggest rally Bitcoin has ever had. When we break the local high ~31k, short-term momentum traders will step in, looking to foolishly take profits in the 50-65k range. The sentiment of battered bears on social media will be feelings of relief that 'the next move is up' as opposed to a realization of what is brewing on the horizon. In fear of reprisal over wildly optimistic price
predictions of yesteryear, all anticipation and excitement will be cautiously tamed. Conditioned by 'fin twit' oriented analysis for the last few years, the vast majority of market participants will (in the short term) continue to see Bitcoin/'Crypto' alongside the wider markets, appropriately dazed into the hypnosis of strong correlation...until 'it' happens.
The 'it' (shattering of this correlation) will come above ATH's. The first pull back (really consolidation) after we test/break the ATH will mark the first stage of 'ramping' up, with every new higher low becoming steeper and steeper.
Here we go.
P.S. I did not specify another market (in terms of correlation) intentionally. Bitcoin, and the wider cryptocurrency market, should not be strongly (positively) correlated to *any other market. It is entirely an artefact of 'Market Makers' in traditional markets and those aligned with their interests. There is no future where this level of correlation is maintained and Bitcoin succeeds. Put differently: It is enabled via the siphoning off of capital that would have otherwise come into Bitcoin (into Bitcoin derivatives), which was basically the entire bull run to $65k.
