Bitcoin Bubble & 40-Year Cycle: Sell-off into Sept ’22 on Track.
08/20/22 Weekly Re-Lay – “Bitcoin peaked during the latest phase of a daily high-high-high-(high) Cycle Progression on Aug 15 – fulfilling its intra-month uptrend that projected a rally into Aug 15/16. It also fulfilled a higher-magnitude 20-week low-low-high-high-(high) Cycle Progression that projects a multi-week decline.
That corroborates ongoing analysis – described since Bitcoin peaked in Nov ’21 and fulfilled multi-year upside wave objectives & multi-month cycles – all projecting a devastating plunge 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”
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.