Bitcoin Fulfilling Nov/Dec Sell-off; 2022 Plunge Below 30,000/BT Projected
12/13/21 INSIIDE Track Update – “Bitcoin initially fulfilled projections for a plunge from its Nov 9/10 peak near 68,000/BT down to extreme support at 40 – 42,000/BT – where pivotal ‘4th wave of lesser degree’ support exists (the ideal downside target for this magnitude of correction). It could extend this decline into Dec 22 (+ or – 1 trading day) and retest 40 – 42,000/BT.
On a 1 – 2 year basis, the Oct 20/Nov 10 double top fulfilled upside targets – while retesting the April ’21 peak – and should hold into 2022. The intriguing thing about Bitcoin, however, remains the multiple levels of ‘5th’ waves that were fulfilled at its high in Nov ’21.
Looking out into 2022, that would leave Bitcoin vulnerable to dropping as low as 29,000 – 30,000 as part of a larger-magnitude correction IF it breaks below 40,000/BT. That is where the ‘4th wave of lesser degree’ – for the entire ~3-year uptrend (from the Dec ’18 low) – resides. For now, 40,000 – 42,000/BT remains as decisive support.”
Bitcoin, in Nov ’21, fulfilled what its monthly and then 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 on track for an initial plunge to 40,000 – 42,000 (ideally in 2021) and an overall plummet to 29,000 – 30,000/BT – its most decisive level of monthly support. Bitcoin’s unfolding sell-off is powerfully corroborating the outlook for 2022!
What does this mean for the future of cryptos? What if Bitcoin Drops below 29,000/BT??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.