BTCUSD A Warning
Following the consolidation we have seen since May 19th, our revised view is now that Bitcoin is targeting an area between 25948 and 21023, and that this will not be the end of the decline, although it should be followed by a significant rebound before the next phase of decline.
This is based on the premise that Bitcoin actually peaked in its Elliott 5th wave on January 8th, 2021, and that, following the corrective wave A down to January 22nd, the rise to the 65088 all-time high was part of a B wave which actually ended in a triangle at 58330 on May 12th.
This runaway B wave phenomenon is also occurring in other financial markets at the moment, including the U.S. stock markets. It is an ill omen, as B waves are not naturally intended to bring markets to new highs. Their true purpose is merely to serve as intermediary countertrend moves within larger ABC corrections within patterns of growth and decline. Nature has instilled within B waves a mechanism for self-rectification. B waves terminate themselves as triangles which then result in post-triangle thrusts of C waves in the opposite direction. Much like a rubber band, when a B wave has been stretched too far, its return to equilibrium is swift and sharp, and involves a movement that extends significantly past the point of equilibrium before it settles.
This has nothing to do with Elon Musk himself, unless he (alone) somehow had the sophistication and wherewithal to engineer the entire market wave pattern of Bitcoin since its inception. No, this is a natural phenomenon, which he will no doubt be accused of influencing. It could be argued that a powerful enough group of market manipulators could be capable of such a grandiose scheme, and this would certainly be one surefire way of making wealth disappear into thin air, but we will not go into the World Economic Forum or their Great Reset here.
Actually, anyone who was involved in the devaluation of the currency in which Bitcoin is measured or the hyping of the prospects for Bitcoin's continued rise in value (since January in particular) are the ones who are responsible for the over-extension of the B wave and the severity of the corresponding crash in the price that is resulting.
This is a very dangerous situation for those who are relying on Bitcoin as a wealth preservation vehicle. If we owned any, we would sell it immediately, and we are short right now.
Based in the "depth gauge" of thrust measurements taken from the B wave triangle, and the related ratios inherent in the decline thus far, we see the price of Bitcoin dropping to the 20,000s and, after a rally, then dropping to perhaps 3,945. If the pattern holds true, wave C down ultimately targets a price of approximately negative (-) 22,000 (i.e. zero) before the correction is complete.
This is based on the premise that Bitcoin actually peaked in its Elliott 5th wave on January 8th, 2021, and that, following the corrective wave A down to January 22nd, the rise to the 65088 all-time high was part of a B wave which actually ended in a triangle at 58330 on May 12th.
This runaway B wave phenomenon is also occurring in other financial markets at the moment, including the U.S. stock markets. It is an ill omen, as B waves are not naturally intended to bring markets to new highs. Their true purpose is merely to serve as intermediary countertrend moves within larger ABC corrections within patterns of growth and decline. Nature has instilled within B waves a mechanism for self-rectification. B waves terminate themselves as triangles which then result in post-triangle thrusts of C waves in the opposite direction. Much like a rubber band, when a B wave has been stretched too far, its return to equilibrium is swift and sharp, and involves a movement that extends significantly past the point of equilibrium before it settles.
This has nothing to do with Elon Musk himself, unless he (alone) somehow had the sophistication and wherewithal to engineer the entire market wave pattern of Bitcoin since its inception. No, this is a natural phenomenon, which he will no doubt be accused of influencing. It could be argued that a powerful enough group of market manipulators could be capable of such a grandiose scheme, and this would certainly be one surefire way of making wealth disappear into thin air, but we will not go into the World Economic Forum or their Great Reset here.
Actually, anyone who was involved in the devaluation of the currency in which Bitcoin is measured or the hyping of the prospects for Bitcoin's continued rise in value (since January in particular) are the ones who are responsible for the over-extension of the B wave and the severity of the corresponding crash in the price that is resulting.
This is a very dangerous situation for those who are relying on Bitcoin as a wealth preservation vehicle. If we owned any, we would sell it immediately, and we are short right now.
Based in the "depth gauge" of thrust measurements taken from the B wave triangle, and the related ratios inherent in the decline thus far, we see the price of Bitcoin dropping to the 20,000s and, after a rally, then dropping to perhaps 3,945. If the pattern holds true, wave C down ultimately targets a price of approximately negative (-) 22,000 (i.e. zero) before the correction is complete.
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