Potential multi year bitcoin head n' shoulders(great depression)
I made a post yesterday outlining 2 possible scenarios. I said either 31k or 22k would happen in the next month. If 22k happens... this is what I think happens over the next 5 years.
If we come down to 22k next month... we're going to come down to 2500-3000$ in february/march 2022. This signals that we are done making higher lows. We are making a lower low. When a market makes a lower low... it always foreshadows at least one more lower low. Eventually.
After 2500-3000$ in early 2022, it's a long and slow grinding road up to 20k again in 2024.
After that? It's a right shoulder of a head and shoulders pattern. Left shoulder 20k in 2017. Head of 65k in 2021. Right shoulder of 20k in 2024/2025. And that will send us down to 1,000$ some time in 2025/2026. Which will be the final bottom of the multi year bear market we are in (hint: it's a great depression).
After 1,000$... the next major multi year bull market will start. It will take a long time to get above 65k. Maybe not until after 2030. Maybe longer. I'm not sure.
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None of that has to happen. But if 22k happens next month? I do think this will happen. Or at least something similar. I would like to stress that I think we are beginning a great depression that will rival 1929.
Great. Depression.
If we come down to 22k next month... we're going to come down to 2500-3000$ in february/march 2022. This signals that we are done making higher lows. We are making a lower low. When a market makes a lower low... it always foreshadows at least one more lower low. Eventually.
After 2500-3000$ in early 2022, it's a long and slow grinding road up to 20k again in 2024.
After that? It's a right shoulder of a head and shoulders pattern. Left shoulder 20k in 2017. Head of 65k in 2021. Right shoulder of 20k in 2024/2025. And that will send us down to 1,000$ some time in 2025/2026. Which will be the final bottom of the multi year bear market we are in (hint: it's a great depression).
After 1,000$... the next major multi year bull market will start. It will take a long time to get above 65k. Maybe not until after 2030. Maybe longer. I'm not sure.
______________________________________________________________________________________
None of that has to happen. But if 22k happens next month? I do think this will happen. Or at least something similar. I would like to stress that I think we are beginning a great depression that will rival 1929.
Great. Depression.