Bitcoin Fulfilling September ’23 Buy Signals; Surge to ~45,000/BT Expected.
10/31/23 – “Bitcoin & Ether surged after setting another round of divergent lows (higher low in Bitcoin, lower low in Ether) on Oct 11/12, 1 month from the more significant Sept 11, ’23 low.
While setting that previous (Sept 11) low, Bitcoin perpetuated a ~3-month low (Mar 10 – 14) – low (Jun 10 – 14) – (low; Sept 10 – 14) Cycle Progression while adhering to the wave structure and weekly/monthly trend setup that has been described since the mid-July ‘23 peak.
As reiterated last month, Bitcoin had triggered a 2 – 4 week buy signal (at ~26,900/BTC) that should spur a surge to ~35,000/BTC… and possibly spike as high as 45,000 in the coming months:
“From a price and wave perspective, that is a bullish setup which perpetuates the range trading and wave structure that has prevailed in Bitcoin… It just generated a weekly 2 Close Reversal Combo buy signal that should held spur new buying.
Bitcoin is adhering to its range trading in ~5,000/BT increments, setting a pair of lows near 25,000/BT… head back to ~30,000/BT, Bitcoin would likely break above that level and surge to ~35,000/BT… a range-trading target and a 6 – 12 month LLH objective – originating from the Nov ‘22 low near 15,000/BT and the June/Sept ‘23 lows near 25,000/BT… 35,000/BT level could be broken and lead to a surge to ~45,000…”
The Sept 29 buy signal reinforced a similar weekly buy signal on Sept 15, creating a more powerful weekly 2-Step Reversal buy signal on Sept 29.
It has already surged to ~35,000/BT and could spike as high as 40,000/BTC in the near term, even as Ether is targeting a surge to 2100/ETH+…
Ether is showing that it could extend its next multi-month peak into Feb ‘24 – the convergence of ~5-month & ~10-month related cycles.”
Bitcoin & Ether are adding confirmation that their Nov ’22 lows are multi-year lows that will spur a much larger advance in the coming months. Bitcoin’s September buy signals projected a 1 – 2 month surge to ~35,000 and a larger 3 – 6 month advance to ~45,000/BT.
On balance, cryptos could work higher into (at least) Dec 11 – 15, ’23 – the next phase of the ~3-month/~90-degree cycle that timed consecutive lows and is due for an inversion. Ether is showing that this overall advance could stretch into Feb 2024.
Has Dollar Completed its Multi-Year (~14-year) Uptrend?
Are Anti-Dollar ‘Currencies’ (Cryptos & Metals) Poised for New Surges?
How Does Bitcoin/Ether Action Corroborate 2024/2025 Outlook?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.