Bitcoin Confirms Major, ‘Wave V’ Peak… Projects Sharp Drop.
02/01/25 – “Bitcoin is poised to sell off in early-February…
The Dollar Index attacked monthly support and bounced but would not signal a 1 – 2 week low until a daily close above 108.40/DXH. This comes in the week after it tested and held its weekly HLS, increasing the likelihood a multi-week low is taking hold.
On a 3 – 6 month basis, the Dollar Index just produced its largest correction – triggering a 4-Shadow signal that would allow for a retest of the high before a larger-magnitude decline. The weekly trend concurs…
Similar to the Dollar Index (inversely), the Euro completed its largest rally since August – and the largest of its entire decline from that peak – creating an intermediate 4-Shadow signal. Along with the weekly trend & cycles, that portends a final sell-off before a larger advance…
The Yen has produced initial signs of a low and confirmed a multi-week bottom. This could spur a quick surge to .6640 – .6700/JYH, where multiple weekly & monthly LHRs converge with monthly resistance and upside wave targets.
Bitcoin & Ether are reinforcing signs of topping after Bitcoin set its highest daily close exactly 6 months from a previous high daily close (July 22nd) but did not close above its mid-December (intraday) high, ushering in the potential for a larger-magnitude wave ‘5’ peak. A quick, sharp drop into [reserved for subscribers] is expected.”
Bitcoin is confirming its December & January double peaks, a textbook (weak) wave 5 of V top that was set in perfect sync with MAJOR upside price targets as well as annual cycles (in December ’24). This projected/projects an overall decline into early-March ’25 as the first phase of a major shift.
Ether peaked in December ’24 and projected a sharp, multi-week drop to 2,200/ETH or lower… that should ultimately stretch into early-March ’25 (with an initial low forecast for early-February ’25). On a broader basis, Bitcoin is capable of plunging back to 72,000 – 74,500/BT and stretching an overall multi-month decline into [see publications for details].
What Does Bitcoin’s Wave 5 of V Peak Mean for 1Q 2025?
What Does Bitcoin’s Wave V Peak Mean for 2025?
Why are Other Cryptos Relatively Weak & Very Vulnerable?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.