Bitcoin Peaks at ~65,000/BT Target; Plunge to ~29,000/BT Projected!
04/19/21 INSIIDE Track Update – “Bitcoin rallied to a decisive upside objective near 65,000/BT (65,000 – 66,800/BT) – a critical target on a 3 – 6 month & 6 – 12-month basis. In doing so, Bitcoin has precisely matched the magnitude of its previous rally (from March ’20 into Jan. ’21) during the current surge from mid-Jan. ‘21. From an Elliott Wave perspective, that would make the ‘5’ wave = the ‘3’ wave (the ‘1’ wave unfolded from Dec. ’18 into June ’19).
If a multi-week top were signaled near 65,000/BT, it could trigger an overall correction back to ~29,000/BT – the 4th wave of lesser degree support (and also the 2021 intra-year low and support). A daily close below 54,000/BTM is needed to signal a 1 – 3 week top while a weekly close below 46,000 would signal a 1 – 3 month top”
Bitcoin fulfilled ongoing analysis for a surge to ~65,000/BT, where a multi-month peak has been forecast. That should trigger a drop back to ~29,000/BT – its 4th wave of lesser degree support and what is now considered the most decisive level of 6 – 12 month and 1 – 2 year support. If it can test that downside target in the coming months, Bitcoin would likely set a 3 – 6 month bottom near there.
What could 2021/2022 outlook for Dollar & Gold mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.