Bitcoin Mounting (Final?) Advance; Spike Above 65,000/BT Likely!

08/04/21 Weekly Re-Lay Alert – “Bitcoin continues to rebound after fulfilling the outlook for a peak near 65,000 and a subsequent drop to ~29,000/BT.  It fulfilled projections for an initial rebound to 41 – 42,000/BT – a ~50% surge during the month of July – and could see another surge in August.

A daily close above 42,100/BTU is needed to project a spike up to/above ~47,000/BTU… potentially testing ~50,000/BT – where Bitcoin has been developing a range-trading target based on the action of the past 2 – 3 months.

During that time, Bitcoin has created a trading range between ~30,000 and ~40,000/BT – rarely generating a daily close (in the Sept futures) outside of that range.  A close above 42,100/BTU would represent a convincing breakout of that range and could spur a quick surge toward 50,000/BTU.”

---

Bitcoin fulfilled 2Q ‘21 analysis for a plunge below 30,000/BT after it previously fulfilled early-2021 projections for a surge to ~65,000/BT, where a higher-magnitude ‘III’ (3) wave was expected to peak and complete the parabolic phase of Bitcoin’s advance.  A corresponding ‘V’ wave peak should later retest or spike above that ‘III’ wave top.

That was forecast to trigger a drop back to ~29,000/BT – its 4th wave of lesser degree support and what is still considered the most decisive level of 6 – 12 month and 1 – 2 year support.  It has slowly traced out a bottoming phase and is now beginning to confirm the onset of a new advance, which should take it back to retest its ~65,000/BT peak and likely spike above it.