Cryptocurrency bubble appears to be over, and a spectacular crash and bear market seems imminent. Bitcoin may bounce towards approx $15500 on Bitfinex, followed by a crash towards $7000-$8000, and then eventually to $2000-$4000. Majority of other cryptocurrencies may cease to exist.
TA is complete nonsense but I hope you’re right. Tired of hearing about BTC and the rest of the fake currencies 24/7
Nice FUD'ing, bro. Bitcoin will correct further from current levels which in turn will propel the altcoin market to new heights in 2018. But the entire crypto-currency market is in its INFANCY still. Were not even at 1 trillion market cap and you want me to believe that the plug will get pulled on the biggest bull market in human history because some squiggly lines in your colouring book says so? Pffft.
Putting up an Elliott Wave analysis of Bitcoin to predict the cyrpto-currency demise is akin to putting up an Apple chart to predict the demise of the NASDAQ due to some bearish harmonic TA pattern. Such analysis needs to be done on a broader crypto index, not the leader. Once again people vastly underestimate the crypto-kiddies. The pull back in Bitcoin is due to holders diversifying into other cryptos after the ridiculous runup of the crypto-king. These youngins are smarter than the old folk think. Take a look at the charts of Ethereum, Ripple, Litecoin and a host of other Altcoins and you will see where the Bitcoin money is moving. It ain't moving into bonds, gold or stocks. They are diversifying and spreading their bets across other cryptos. Every time I see some 60 something year old on Bloomberg asked about Bitcoin or crypto in genreal, they remind me of the 60 something year olds asked about Rap music in the 90s. No concept, no clue, and no ability to even comprehend how the world is going to permanently change right under their feet because their time as the influencers of the world has past them, but they haven't the perspective to know that yet. The crypto cycle is in the beginning phase similar to the internet stock mania of the late 90s. Yes, 95% of them are BS, have no future value and will fail just like the vast majority of internet stocks in the early late 90s and early 2000s. There will be a boom and a bust. The few crypto survivors that remain after the cycle completes will forever change the world just like Google and Amazon have.
Elliott, where have you been? But seriously, I agree with the prediction, this is the year when it is going to unfold. There will be a few winners and lots of losers. BTC already lost its crown last year, this year reality that other coins are technically superior should set in.
Luckily we trade based on technical and charts. We don't predict, we don't look at crystal ball, we don't check whether planets are aligned or not, we don't study star patterns, and most importantly, we don't read financial analyst reports & financial experts opinion. Pronounce Elliott wave properly. If not, it becomes Idiot wave.