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@DailyCryptoTrad For now it looks more classic like 3 Waves up and now abc correction to 25k where the last Wave started. If we loose 25k the bias should be more ๐ป
@EmperorBTC https://t.co/oafeNOc9Vy
Hi Emperor,
What's your view on further price action for 2024-2026.. crypto seems not be following traditional markets at the time. So if we see a double, triple top or even Higher Tops on SPX than drop the timing will be overlapping with the crypto bull
There's been a lot of debate with analysts and crypto X'ers on the future of this #Bitcoin cycle.
I'm going to write a post that explains my full thoughts on it, with evidence included. No claims matter without sufficient proof.
Part 1
Most people stay in two main camps:
1. 4 Year Cycle
- These people believe that Bitcoin goes through 4- year periods of over and undervaluation. They think Bitcoin takes approximately 4 years to make its journey from the cycle tops to the bottoms.
According to this Theory Bitcoin would top sometime in 2025.
2. Elliot Impulse Wave 5 and Early Top
- This group of people believe that either this cycle is different or institutionally driven. Many also think that the last cycle has not yet completed, because there was no blow off top, and cite that cycles are lengthening.
The Elliot Wave Theorists project a 5th and final wave for the cycle that would conclude this year or early next year 2024 with a powerful parabolic top.
Now let' get into what I think.
I have reviewed countless charts, and data from many sources for the cycle. Including TA, on-chain, psychology and more.
I believe it may be possible to see the best of both worlds for each group of thinkers.
4-year cycle thinkers are quick to dismiss any sort of early price action for the cycle. This is mainly driven by the belief in the halving's effect on price.
When the Bitcoin supply is reduced approximately every 4 years, this should trigger a supply decrease which causes price to rise.
While this makes sense, it is very unlikely that supply output of miners takes a drastic effect on Bitcoin price at this point relative to its total size.
Personally, I remember in 2019 that there were many calls for new ATHs in the year. this was after Bitcoin had formed the mid-top at about $14,000. It was over 1 and a half years before Bitcoin toppled that price. Everyone that called for an early top then was wrong.
But price is different now. The 2019 move was completely parabolic. this caused a mid-cycle bear market. Not to mention the 2020 black swan in the middle of the cycle.
Like 4 Year Cycle Theorists, Impulse Wave Theorists are quick to dismiss a 4-year cycle. "Everyone is thinking that!", they say. The majority cannot be correct.
Might I remind this group of people that many were anticipating a top in the year of 2021 when it came, and yet it still did.
Unkown factors like price and exact timing maintain the crucial element of surprise.
They believe the early top will trigger the longest and worst bear market in Bitcoin history.
Both of these groups of people seem to forget one particular cycle that seemingly defied all of the rules. 2011 - 2013.
Take a look so you can remember:
2011 - 2013 Cycle
4-Year Cycle Believers may say that this cycle begins earlier, but this is how the cycle is outlined according to data, with 2011 qualifying for a traditional bear market.
Regardless, this cycle did not follow the traditional path of one singular top. and if you start the cycle earlier you could argue that there were 3 Tops all together.
I have outlined our relative position according to data, which you can see my many previous tweets for evidence to that.
This cycle would have met all of the qualifications of both theories: an early top, and a later.
Now, I want to get into why I see the possibility that both of these theories could meld this cycle.
Theories Combine
I believe that long-term data from many sources is the key to success. Through my analysis of countless pieces, I have come across some interesting examples that call for an early parabola (vertical price action). I will show two of my favorites here:
DXY Correlation Coefficient
The signal here takes place in 3 phases.
1. Early bear market end signal (purple)
2. Bear market end signal (red)
3. Parabola start signal green (green)
These have all occurred when Bitcoin is in low correlation with the US dollar.
The parabola signal has triggered. This has been the start of every price parabola by definition. (Will show this later)
There have been no false signals
The Vigor Signal
This signal comes in two parts:
1. The RVGI makes a bearish cross over the Golden Vigor Threshold
2. The RVGI makes a positive cross after the bearish cross
This triggers in most times the cycle parabola, and in 2016- 2017 case the majority of the bull run.
There was only one false signal due to the 2020 Black Swan.
I have reviewed many other charts that call for either the bulk of the bull run to start soon, or parabola. The ones I have reviewed here specifically call for parabola (vertical price action).
This is part 1, part 2 coming soon!
@the_smart_ape You must be one hell of a smart ape. Since normal apes can use chatgpt since it's release few months back (Nov 30) you already used it and made big time profit with the cheapest example you gave us. Go ahead smart ape and be the ape you are! Cheers ๐ฅ
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One Good News and One Bad News ๐จ๐จ
Good News - Bull Run is around.
Degens hawking for the next Ponzi.
VCs ready with Dry Powder.
Scammers Ready to Pump and Dump.
Recession Probability Dropping.
It would take another 6 months to Manifest but it's begun, even if we Dump to 18K.