RE: What will happen to BITCOIN if this happens?
Ominous prediction indeed. Thanks for the indepth video!
I am no technical analyst and know next to nothing about Elliot Wave Theory, but I always looked at the historical graph of prior 'bubbles' and compared them to the current graphs. When I look at those bubbles, generally after they burst the price drops down to approximately the previous bubble's top. I too expect some kind of massive correction to come, but it seems to me that if we are entering another long, down period, we should be levelling out at around $1200 at the lowest? Your latest C seems placed a lot lower than that and the downturn seems a lot steeper than how it ended up with previous bubbles. I'm curious to know why you, or Elliot Wave theory, consider this 'bubble' to be different from the past ones? Thanks in advance!
It's the same as the past bubbles. No different. Look at the tulips...they're still around for about $1.25 per tulip.
The wave C on this is chart often reaches the prior wave 4 of same scale. That's why it's sub $500; in fact most likely prices will drop to $120.
Could that be a phenomenal time to buy? YES! WHY? After every ABC correction, there is a trend change.
You're making me nervous! But I have my doubts. At $120 per Bitcoin and 16 million circulating coins that would bring the market cap to below $2 billion. I'm sure if Bitcoin drops this big the entire market will drop alongside it, but today it seems very strange to imagine a Bitcoin market cap that is so low, especially when you look at the entire market's size.
I know about the tulips but I think the comparison does not hold as there are too many intrinsic differences between tulips and bitcoin. I prefer the comparison to gold which holds up much better I believe.
Anyway, what I will be taking away from this, is that I will take a good portion of profits at around the $6500-7000 mark and secure those away. And probably keep the rest in, just in case you're wrong! I am a believer in bitcoin and blockchain, but I also believe that many of the top investors are probably using the same techniques as you are. As such it could very well turn into a self-fulfilling prophecy - it only takes a small percentage of the market to move the entire market as a whole.
EpiC reply.
I'd say it's the chart of the year.
But the gold graph, in comparison, looks nothing like it...
Gold to $1,500
But today, after I drank my coffee and applied Tasseographic analysis and according to that I get this:
So I'm not sure..
120? Or 1200? @haejin
As low as $120
Here is a Log Scale Chart of Bitcoin with same projection:
So we buy at this dip sell at the next top or near it then will have a massive breakdown to 120$/BTC. Unbelievable stuff. I don't believe it.
That's what the EW count shows. I know...I almost got pissed at my self! I couldn't believe it! I was also shocked to see all those /BTC Head & Shoulders Top patterns.
But, I adhere to the TA.
120$/btc may mean the end of everything crypto.
What could be a strategy to profit form this if such a thing is possible @haejin?
Am I the only person who has been expecting this to happen all along? I was practically counting days till this happen. I feel euphoric reading these stuff.
Youre seeing it as an opportunity to buy.
But something like this is disruptive.
There may not be a recovery.
I don't want to see BTC recover. It's a terrible coin with terrible community dragging down the rest of the Blockchain space. I want cryptos to be free from BTC. The fundamentals have been against BTC for some time and It has only maintained its position through unholy methods and first mover advantage.
I'm waiting for a day where people see BTC for what it is (a relic) and abandon ship for better products. even a tiny market cap coin like https://zensystem.io/ is better than BTC. I want currency competition and BTC is in the way.
You're seeing this from a tech standpoint. Right now adoption rate is less then 1.5%. We need more people to adopt cryptos.
Bitcoin is the pillar and the only one they know.
People called computers IBM for many years before they started to call it properly.
Also those super duper coins you're counting were made that way as people learned from BTC experience. So respect!
I have respects for satoshi's vision but not for BTC which was a mere prototype. Coins like Dash were made because BTC couldn't do shit and it wasn't going anywhere. Lot's of coins were made in response to BTC than because of it. Of course BTC opened us doors. But so did Command Line Interface and steam engines.
Some technologies like IOTA, NEM, Maidsafe have nothing to do with BTC.
This is the age of internet. People discover things faster and BTC doesn't give a lot of positive first impressions. Where do people turn to; better coins. #2 reason blockchain isn't mainstream is BECAUSE BTC is the dominant blockchain. Steam engines and fast-efficient railway systems can't coexist. One has to go.
I understand your impatience.
But not just yet.