Bitcoin Bubble & 40-Year Cycle: Aug 15/16 Cycle High Fulfilled.
08/17/22 Weekly Re-Lay Alert – “Bitcoin rallied into, and peaked during, the latest phase of a daily high-high-high-(high) Cycle Progression on Aug 15. That also fulfilled its intra-month uptrend, which projected a rally into Aug 15/16 and a reversal lower.
Once again, Bitcoin failed to close above its late-July high – reinforcing that as pivotal intermediate resistance. That high had fulfilled Bitcoin’s initial upside target while also generating the first phase of an intermediate 4-Shadow Signal (exceeding the duration and magnitude of its previous rally). That signal is often followed by a final spike low…
That corroborates ongoing analysis described since Bitcoin peaked in Nov ’21 and fulfilled multi-year upside wave objectives and multi-month cycles – all projecting a devastating plunge into Sept ’22. A spike below 14,000/BT is still possible before a major low takes hold.”
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 was expected on Aug 15/16 and should trigger a new round of selling into Sept ‘22.
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.