It looks like we have completed a diametric Elliott wave pattern, and we are now very slowly beginning our ascent towards 100k+. This should begin to accelerate as we continue to climb towards all-time-highs. Wave-g ended up being very short in time, actually the shortest wave of the whole pattern. However, it's still within the parameters of being time-similar with the other 4 smaller waves. All of the rules and guidelines are there for a completed diametric in this position, and the count also fits on many other cryptocurrencies as well, implying that we are going to see a market-wide bull-run beginning around this time.
Within the coming weeks we will likely never see these prices for most top cryptocurrencies again, and many currencies will increase 10-100x within the next year, some may even do more, like they did last year. Bitcoin will likely be at 40k by the end of the year and over 100k sometime next year. However, many smaller cryptos will have much larger percentage gains, and some cryptos may end up over taking bitcoin in market capitalization due to fundamental flaws with Bitcoin's code, such as the blocks becoming full leading to transaction speeds decreasing and costs increasing, as well as slow confirmation times in general, and no real plan to fix this on the base layer. Along with poor leadership and a fractured community. Despite these flaws, BTC and many other cryptos that do not have these flaws will likely see trillion dollar market caps by next year due to increasing adoption and collapsing national currencies due to global trade wars and currencies wars.
As for what coins I think will be the most profitable, here's a list of coins that performed exceptionally well towards the end of the last boom (excluding BTC), and for some at the very beginning of their history. The reason why I'm using such a small time frame is because many of these coins have had very short histories so far and this was really the only part where we have an example of the bullish velocity of some of these newer cryptocurrencies, which appear to be fundamentally sound. They may slow down somewhat, but history has shown that in general cryptos tend to follow a fairly consistent velocity on a logarithmic scale, so we should still see some pretty massive gains from most of these cryptos over the next few months, among many others.
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It's interesting to note that the time most cryptos topped out in January, was exactly the same time that the US dollar index bottomed out. And the time that the dollar index recently found a top was the exact same time most cryptos found a recent bottom.
Now that Trump is signaling that he's likely going to weaken the dollar to help support US companies and further the trade/currency war that has already begun, we will likely see the Dollar start to drop against many major foreign currencies, including most crytocurrencies, because of changing monetary policy and speculation.
The ultimate goal of this will be to increase inflation and prevent a deflationary crisis arising because of increasing interest rates.The increase in prices will help increase US companies cash flows and their stock prices, while reducing their debt burden. This will also hurt foreign companies that import products and services from the US because of increasing prices, and decreasing value of US dollar reserves.
As funny as it is, DOGE is actually leading the market right now. DOGE is in the same EW count as the majority of the crypto markets, and has already gotten an early break up from the consolidation range. This is a strong indication that we are going to get a continuation that will go past all time highs.
Also because the rest of the market is in the same count as DOGE, there's a very good chance that the count is valid on all the other cryptos, which implies that we're going to see a major break up on most cryptocurrencies, similar to what we've already seen on DOGE.
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For people who doubt that crypto could reach my targets "because of the market cap" (the same reason why we weren't suppose to reach 10k) ;)
Seems like we're going to need another wave down from here. I just noticed there is very strong time AND price similarity here, indicating that we're most likely forming a symmetrical and not a diametric.
The key difference between these patterns is that symmetricals exhibit time and price similarity, and also have a wave-h and -i. Whereas diametrics would normally end after wave-g, and only exhibit time similarity.
Based off of the short-term momentum, and the fact that a symmetrical is actually much more likely here. I'd say we need another wave down that could last until around September 25th, and take us back to around 6000.
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Here's an example of a similar diametric playing out on XRP at the end of last year. I was able to very profitably trade the action immediately after wave-i on XRP at the beginning of this year. (Opened 0.21, Closed 1.65 in 5-6 weeks, risk was <10%)
An interesting note is that in the XRP case, wave-i was 0.618 in time of wave-h, so it's possible that on BTC this ends on September 16th instead of the 25th. It will be a good idea to be watching both dates.
Here we go, gents, Bitcoin is not going to 100K by next year. There is no reason to assume so. Remember ultra bulls thought Bitcoin would hit at least $50-100K by the end of this year.
Bitcoin is likely going to test 3K-4K before a healthy bull market can occur. 25K by the end of next year seems more likely (a generous estimate). Slow down.
@Akhokhar86, You yourself say it could be 25K by the year end, which certainly is in the direction of 100k. lol. non of you idiots know what youre talking about. Buy and hodl, its that easy.
@Akhokhar86, I really don't understand why people choose to insult others with words like "idiots", "dumb" etc. In my opinion this is an indicator for some degree of a limited mindset/view. In the end no one is right but the market. And if one doesn't understand that acquiring (more) knowledge is the key to success, one is doomed to his/her own ignorance. But in the end, everyone gets what he deserves, including reputation.
@Akhokhar86, bitcoin doesn't HAVE to test any new low or do anything. Trying to call the bottom is like trying to call the top - you're delusional if you think you can call it right (maybe you'll get it once with luck).
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@LarryisBROKE, I hear you. With all due respect, if you would like to see my track record on levels for stocks, cryptos, etc., welcome to review/follow me on Seeking Alpha/ see past "Ideas" on Trading View: seekingalpha.com/user/25847293/stocktalks.
Technical levels are all I watch. This is my profession. I help people make and protect their money.
I've provided my most recent Bitcoin levels to watch in the link above.
Welcome to follow along so you can be there to prove me wrong. ;-)
Bitcoin is likely going to test 3K-4K before a healthy bull market can occur. 25K by the end of next year seems more likely (a generous estimate). Slow down.
95% accuracy so far, welcome to follow along