BTC big pic update 09.09.2018

in btc •  15 days ago

This is the BTC monthly chart in log scale. Does that look bearish to you?

BTC month.JPG

Monthly support is going to kick in soon around 5200.

If you can discern 5 waves up, then maybe the easiest count is also the correct one?

Note: This is only ONE way to count this (there are several ways to count this as always), but it has the best form and fit of all counts I can find.

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In this scenario we can expect megabull 2019. Final 5 wave.

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If the monthly support of 5200 holds strong as expected, then yes, this could be the megabull scenario.

The crash of 2022 would be explosive!!!
I like your forecast!

The problem is that the top in 2013 may already be a wave 3 as in below.
https://steemit.com/bitcoin/@youp/from-the-most-bearish-bitcoin-scenario-to-the-most-bullish

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Correct, but I challenge you to find a count for this ongoing correction to somehow end around 200$. I can only find 1 alternate, which looks extremely disproportionate (in non log and log as well) and thus reducing the probability.

Either way I don't mind, because your idea would most likely give my family a net worth of 20-50 million$ by 2026 :D if the $ survives that long... That is exceeding my wildest dreams for getting rich with crypto. With all this institutional money entering the market in the next 2 years I am sure though that it will not drop to 200$ again.

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Well something like this f.i.

Obviously, the world will be a different place with BTC at 200$ in approximately 2021. Possibly a gigantic deflation occurred with all the credit evaporating leaving less USD to price goods and services. Nonetheless, applying Elliott Wave counting strictly, this should be the preferred scenario. But, as already said in the attached blog, I don't believe it myself.

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According to your count, Bitcoin had an extended fifth wave. Usually during 5th wave extensions, the price only retraces to sub-wave 2 of the 5th wave, not the 4th wave. In addition, the ABC correction is a bit disproportionate.
Screen Shot 2018-09-09 at 10.53.25 PM.png
[i] taken from Elliott Wave Principle by Robert Prechter[/i]

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Good luck, I wish your family great wealth as with mine. Crypto offers a rare opportunity indeed. I like what you have here, down to about 5200 before it takes off then up, up and away! Alts would skyrocket as well! 🚀👍🙏