Bitcoin Fulfilling Projected Plunge from ~66,000/BT; Drop Below 30,000/BT Likely!
01/13/22 INSIIDE Track Update – “Bitcoin retested its 2 – 3 month downside objective (40,000 – 42,000/BT) – where a multi-week low has been forecast. On a 6 – 12 month basis, that is a ‘4th wave of lesser degree’ (the low immediately preceding the final rally) – the primary support for this correction…
While this recent sell-off fulfilled one level of correction, Bitcoin could ultimately make it down to 35 – 36,000/BT and then to 29 – 30,000/BT – downside targets for higher magnitude corrections. That is due to the multiple levels of ‘5th’ waves that were fulfilled at its high in Nov ’21.
The lower of those two targets is where the ‘4th wave of lesser degree’ – for the entire ~3-year uptrend (from the Dec ’18 low) – is positioned. A 15-month low (9/17) – low (12/18) – low (3/20) – low (6/21) Cycle Progression recurs in Sept ‘22 and could time the next major low.”
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 on track for an initial plunge to 40,000 – 42,000 (ideally in 2021) and an overall plummet to 29,000 – 30,000/BT – its most decisive level of monthly support. Bitcoin’s unfolding sell-off is powerfully corroborating the outlook for 2022!
What does this mean for the future of cryptos? What if Bitcoin Drops below 29,000/BT??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.