Bitcoin Projects Surge to ~35,000/BT & then 45,000; Crypto Rally into November Likely.
10/21/23 – “The Dollar Index is turning neutral but would not turn negative – on a 2 – 4 week basis – until a daily close below 105.30/DXZ. If that occurs, the Dollar could see a new decline lasting into Nov 13 – 17 ’23 – a 50% retracement in time (12 wks up, 6 wks down) and the fulfillment of an ~18-week high-low-(low) Cycle Progression…
Bitcoin & Ether remain divergent but are validating analysis for a new rally. Bitcoin initially rallied into early-Oct ’23 and turned its weekly trend up. That signaled an initial high and the onset of a reactive sell-off (before a rally to higher highs) in which Ether again set new lows.
That fulfilled downside expectations and ushered in the potential for Bitcoin to enter a new surge capable of ultimately making it up to ~35,000/BT. It is likely to advance into the first half of Nov ’23 – fulfilling a ~4-month/~18-week low-low-high-(high) Cycle Progression and 360-degree/~1-year moves from its Nov ’21 peak and Nov ’22 low.”
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 project 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.