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RE: BITCOIN UPDATE: CAN BITCOIN BE REPLACED BY ANOTHER SUPERIOR COIN? HOUSE OF HORRORS!!!
As you say, Elliott Wave states that news or an event shall arrive to justify the forecast.
That a lot of charts show the same pattern, can be explained as they are in the same cycle and are compared to the same value (btc). Nothing odd about that.
these comparisons are alts vs btc.
Let's say that btc drops in value, alts must get a higher validation towards btc which would lead to a 1:1 correlation, which would all alts graphs would have to be bullish.
As all graphs are bearish, i would deduct that alts vs btc go to zero. value of alts would drop compared to btc => btc would rise significantly.
Time will tell, looking forward.
Keep up the good work, I enjoy your posts!
I see your point. However, my angle is on the fact that /BTC going to near zero is because BTC will no longer be the reference coin. Rather, it could be ETH/BetterCoin, or ZEC/BetterCoin, XMR/BetterCoin.
In other words the bearish pattern is not to reflect that the Altcoins will get less to BTC but it will no longer be used per /BTC; rather, /SuperCoin.
That SuperCoin could be any coin, we just don't know which one.