Bitcoin Bubble & 40-Year Cycle: Aug 15/16 = Likely Multi-Week High.
08/13/22 Weekly Re-Lay – “Bitcoin remains in positive territory and could see a spike up to 27,200 – 27,600/BT – where the declining weekly 21 Low MAC converges with the weekly LHR. It continues to ride along/above the rising daily 21 High MAC – which could spur a quick rally into daily & intra-month cycle highs on Aug 15/16. It is positive 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 on Aug 15/16 and should trigger a new round of selling.
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.