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RE: The Big Long – November a Historically Good Month for Bitcoin – 11/03/17
BTC could head towards $8,000 and then $15,000. For the short term, a classic zig zag a,b,c correction has completed and the blue waves should take BTC to higher, newer all time highs.
Thanks for the EW analysis. Do you have a long term count?
Yes, but you won't like it..and then will love it.
I am a Technical Analyst and believe that news or events shall arrive to justify the forecast and never the reverse.
Here is my long term Linear Chart. You see, a top is not an event, but a process. BTC is currently in a topping process and it could be somewhere between $8k to $15k....not sure. However, we are probably in the last bubble parabolic geyser phase and it could last a few months. This should also give time for the Altcoins to act out their bullish runs as analyzed in my prior blogs. All the Altcoins have a very high similarity index as sentiment is pretty uniform. This is why their EW counts and patterns are almost same. Once BTC's topping process completes, a cycle degree of trend correction is expected. Elliott Waves states that after fives waves, there is a requisite a,b,c retracement and at cycle level, this could be a very deep correction. It will be a site to behold, especially the level of fear. I don't know what news or event will be used as cause, but they shall arrive to justify the forecast. Perhaps the trigger for this correction could be that government will finally take steps to control cryptos? If so, the only coin that could go inverse could be BitShares as DEX would be a safe haven.
Here is my log chart of same scenario. Yes, it sounds crazy for sub $500 target, but the waves don't lie. The good thing is, selling at wave (v) of V of 5 would give us MASSIVE dry powder to sit on and wait for the calamity to end by counting the abc waves down. At the terminal end of the cycle level a,b,c correction, it will be when everyone almost hates Bitcoin. At $500 or less, many will be afraid. However, it's when all are afraid that we should be greedy! Buying at that level would be phenomenal because then price will take to $37,000.
Log chart counted in a different way but same destination:
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I also believe bitcoin is in a long-term topping process. $500 is definitely in the cards. However, I also think there is a chance bitcoin will be superseded by superior technology and all POW coins will be obsoleted. This will be a long process that takes many years - that is just how markets and technology evolve over time. If that does in fact happen, I could see bitcoin peaking and languishing for a very long time. It is still very early days though, so if sub-$500 does play out, I could see bitcoin regaining its prior peak even if superseded.
I like your thoughts. Similar to the dot com bubble, most companies from that era are dead. However, amazon, google, ebay....are now giants. And the internet has made MASSIVE impact.
Most coins will be dead. I think DEX (decentralized exchanges) will be a survivor. Currently, Bitshares DEX can easily handle ALL Nasdaq, NYSE orders...its got that much capacity. Once Bitshares goes on EOS platform and becomes, BEOS; it'll be able to handle global transactions at a capacity unseen.
I believe owning 100k to 2.5 Mil BTS coins now will have it so that your future generations will bless your name for many centuries to come!
My very long term projection for Btishares is $342 and it is currently $0.05. So, 2.5 Mil coins today would equate $855,000,000 at that target. MASSIVE profits even for lesser number of ownerships. It's a true old turkey hodl.