Bitcoin Confirming Top III; Plunge to 42,000/BT Possible in 2021
11/30/21 INSIIDE Track – “Bitcoin is testing initial downside targets at 54,000 – 56,000/BT after fulfilling the 3 – 6 month outlook for a surge to new all-time highs and then a retest of that peak (~67,000/BT). It would need to close below 54,000/BT to elevate this correction and potentially drop to 49,000, possibly 42,000/BT.”
Bitcoin fulfilled what its monthly and then weekly trend indicators have projected – a surge to new all-time highs (~66,000+/BT) ushering in a major top. On Nov 10, Bitcoin produced an outside-day/2 Close Reversal sell signal – providing the first sign that a major top is taking hold… and more confirmation is evolving. It could drop as low as 42,000/BT before year-end. If Bitcoin can sell off sharply in Nov/Dec ‘21, it will powerfully corroborate the outlook for 2022!
What does this mean for the future of cryptos? How far could it drop into Dec 22 – 24 intermediate cycle low??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.