BITCOIN (BTC) Update: ALL TIME NEW HIGHS.....DEAD AHEAD!!!
SUMMARY
I believe the Bitcoin correction is complete and so all time new highs are dead ahead! The below chart shows a revised Elliott Wave count. The Fibonacci 1.618 level is the next price target and that level is around $6,200 or wave (iii) white. Then wave (iv) white will be traced out and then most likely the final run for the last hurrah to around $7,200 or higher. This level is expected to complete the wave v of V (white).
The hourly chart shows a higher resolution of the projected price pathway. Already Bitcoin price has started impulsing upwards from the wave c (red) bottom. This means, all time new highs are dead ahead.
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
your guesss could be 90% correct
thanks for the update. By the way, ZenCash seems breaking out
Could you check the video? Doesn't work... Thanks!
This post has received a 5.03 % upvote from @booster thanks to: @haejin.
What are your thoughts on ETH? It went through some real improvements and I see good fundamentals. Will we see a bull run before BTC hit its top?
I wish it was that way. Crypto is pure speculation to be honest, bitcoin by far the most. I firmly believe ETH is much superior to bitcoin. But since its all about money and FOMO no one seems to care. In the long run I do believe bitcoin will likely fail to materialize as tech and will just be used as money if governments let it be that way but ETH will probably overtake it in market cap.
Agreed except for the BTC being used as money. BTC doesn't have the necessary fundamentals to do that. Dash, NEM, PIVX has that. Even ETH is a better payment option:https://www.reddit.com/r/ethereum/comments/773lax/i_am_fking_stunned/
Here is how digital money should operate: https://www.dashforcenews.com/festy-introduce-dash-network-7000-irish-pubs/
BTC is forever incapable of achieving this. BTC will become like an old multiplayer game. There will be a small community but masses won't bother with it. You can't sell a prototype as a full priced game. BTC is the perfect Minimum Viable Product of Blockchain technology. It's just the beginning;not a destination.
i kinda agree. but i've watched a lot of andre antonopolous (sorry wrong spelling), and i think he's right about bitcoin. it's network effects are established and there is no reason to believe that in the following years it will not improve.
wow very nice post
Mr. Haijen,
When you extend your waves out and up are you conscious of the length of time you project when you reach your tops? Looks like on the hourly chart BTC might top out middle of November? Am I making sense? Thank you for your TA.
@haejin Thanks to you, I have a good understanding of Elliott Waves. Do you think your technical analysis can predict, relatively accurately, the numbers we're going to see during the upcoming bubble?
I lean toward John McAfee's prediction of 6 figure Bitcoin. I think we'll see that during the bubble phase, which should be coming within the next year.
Your TA indicates that we're far into the bubble (peak $7kish, then drop to $200ish), where I see that we're only now entering the mania phase. I think we'll peak in the 6 figure range, before crashing to where it started, 5-10k range.
McAfees prediction never said how we would get there .
I never said it did.
I said I think we'll see that during the bubble...
a penny to $6200 is not considered a bubble?
Your statement and others like it is proof we are nearing the top.
Thank you !
Awesome post, very informative
Regards
desade1776/ajax
Hi @haejin, These are very informational videos to me. Would it be possible to do analysis on VTC? thanks.