Bitcoin Bubble & 40-Year Cycle: Dollar Strength into 2023.
08/06/22 Weekly Re-Lay – “Bitcoin briefly neutralized its 2 – 4 week uptrend and its daily trend & daily 21 MAC action on Aug 4 but re-entered it on Aug 5. It could still see an additional spike high in the coming days, but the window of opportunity for this appears to be closing.
The action of the next 1 – 2 days should clarify. If Bitcoin is able to spike higher, it would likely encounter its greatest resistance around 28,500/BT – where the declining weekly 21 Low MAC aligns with multiple weekly LHRs. In the interim, it would not show new weakness until a daily close below 20,700/BT.”
Bitcoin, in Nov ’21, fulfilled what its monthly and weekly trend indicators projected and what its overall wave structure necessitated – a surge to new all-time highs (~66,000+/BT) ushering in a major top in late-Oct/early-Nov ‘21. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated.
Since then, Bitcoin has been projected to plunge into Sept ’22 – when monthly cycles project the next major low. Its 1 – 2 year downside target remains at 13,800/BT! On a near-term basis, a multi-week peak is expected soon.
What does this mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.