Bitcoin Bubble & 40-Year Cycle: Sell-off into Sept ’22 Nearing Fruition.
08/27/22 Weekly Re-Lay – “Bitcoin has sold off after peaking on Aug 15/16 while fulfilling the intra-month uptrend, a daily high-high-high-(high) Cycle Progression and a 20-week low-low-high-high-(high) Cycle Progression. That ushered in what is likely the final phase of an overall plunge projected to take place after Bitcoin peaked in Nov ’21… and to last into Sept ’22.
With a 12-week high-low-(low; Sept 12 – 16) Cycle Progression already corroborating that, Bitcoin’s recent 8-week rally is likely to be followed by a 4-week decline (50%) into Sept 12 – 16. However, the only thing Bitcoin needs to do to fulfill its ~15-month Cycle Progression and the 6 – 12 month outlook is to spike to new lows in Sept. ‘22.”
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 (and fulfilled) 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.