Bitcoin Parabolic Phase Complete; Projected Plunge to ~29,000/BT on Track!
05/06/21 INSIIDE Track Update – “Bitcoin initially plunged to ~48,000/BT after reaching its 3 – 6 month and 6 – 12 month upside targets near 65,000/BT. That peak is capable of triggering an overall correction back to ~29,000/BT – the 4th wave of lesser degree support (and the 2021 intra-year low and support). In the interim, Bitcoin bounced into May 3/4 and fulfilled a daily low-low-high-high Cycle Progression. It would not show any additional strength until a daily close above 59,695/BTM. If that fails to occur, Bitcoin should see another sharp sell-off in the coming week(s).”
Bitcoin fulfilled ongoing analysis for a surge to ~65,000/BT, where a multi-month peak has been forecast and where a higher-magnitude ‘III’ (3) wave was expected to top and complete the parabolic phase of Bitcoin’s advance. (A corresponding ‘V’ wave peak could later retest or spike above that ‘III’ wave top.)
That should trigger a drop back to ~29,000/BT – its 4th wave of lesser degree support and what is now considered the most decisive level of 6 – 12 month and 1 – 2 year support. If it can test that downside target in the coming months, Bitcoin would likely set a 3 – 6 month bottom near there.
What could 2021/2022 outlook for Dollar & Gold mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.