SUMMARY
First, I strongly urge a complete viewing of the video analysis as it contains a fuller scope and details of my rationale and chart pattern discussions. In this video, I introduce early thoughts on why and how Bitcoin (BTC) could hit $3.6 Mil or higher! I'm quite sane of mind and have an analysis that I believe goes against the herd of analysts calling for the top and crash day after day.
Second: The short term count is boring compared to the analysis on how Bitcoin can hit $3.6 Mil. But, still, there is evidence of an ascending right triangle pattern. Since the price had been meandering laterally now for a few days, there are many traits of a consolidation which is expected to complete soon.
Below is a log chart of Bitcoin and I see three fractals. The first two fractals are complete and the third just escaped the rounding launch pad pattern (blue saucer line). Note how the left two small rounding bottoms were used as launch pads to go vertical. These price moves were phenomenal. Now note the much larger, about 8x that of the smaller fractals. If this too is to be used as a launch pad for the next vertical move....it will be a sight to behold! If BTC tags $10k or so and then does a minor correction (squigly blue line) the vertical phase, if proportional to the earlier fractals, could cause BTC to reach $3.6 Mil. Or, HIGHER! (The video is longer than usual because it has tons more details you'll want to hear and see!)
The below is the chart of the Tulip Mania. I've marked where Bitcoin might be in equivalent life stage. If so, BTC's upcoming vertical move will be unbelievable. There will be major corrections along the way but the vertical move will be almost impossible to not notice. Note that the time band is completely unknown nor projected. The poorest forecast area of my algorith is timing. Still, the direction and size of move, if accurately projected can lead to MASSIVE profits in the abscence of equally accurate time bands.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Nice share. Tulip Mania is nice touch. I can see that happening to a lot of the smaller alts, and then we will be left with the larger, more developed alts. Similar to the dotcom bubble where lots of companies went under, but a result we got companies like Google, YouTube, PayPal, etc.
Yes, like the dotcom. it's vertical phase lasted about 8 months and prices more than doubled.
When I go to the airport and get my shoes shined, I'm gonna keep asking what the shoe shiner thinks about bitcoin. The day he knows what bitcoin is....time is close to take profits.
Yes, this is great. When your average person starts talking about how much they are making in crypto, it's time to think about shifting to a different asset class.
Your experience and knowledge are invaluable.
Smart man, your system could work, or check with your taxi driver as an alternative
That beautiful fractal cup might look better with a proportional handle.
For me what's more important is its similarity to the prior smaller fractals which also did not really have a handle. So, technically this and the fractals are not Cupy & Handles but rather a saucer pattern.
ADX ladder in opportunity. She's got it all, embedded fractal cup and handles, and massive symmetrical triangle.
Tall drink of crypteau.
Absolutely Positiviely! Cast that ladder!
Bitshares
If you want to watch the mass exodus from @Poloniex just visit this site and watch the live action. Click on the "Activity" tab. https://wallet.bitshares.org/#/account/poloniexwallet/dashboard
I have said for some time that BTC reaching 100k is extremely likely. Many people more clever than I have said 1 million is not out of the question Richard Branson springs to mind.
Many said dollar parity for BTC was impossible, then it was $10 and so on and so forth. I have been watching the space with half an eye for many years and I saw the potential of the technology early on but I always assumed that the powers that be would nip it in the bud (otherwise I'd already be worth millions). I'm not sure that that is possible anymore, one country can no longer do it, the bigger players could probably slow it down but lets face it getting them all to work together is crazier than any price prediction for BTC that I have ever seen. Pandora is well and truly out of the box at this point.
How far does this rabbit hole go? In terms of price, I have no idea but I think 3.6 million is far more likely than a crash to 3.6 dollars.
In terms of the tech itself? We have barely scratched the surface, of that I am certain. The only trick left is to pick the Google or Facebook, instead of the Lycos or Bebo.
I see it purely on a Technical Analysis perspective. This is a soon to be a vertical bubblicious move. Key is to get out in time with MASSIVE profits.
Exactly, and the best time to pick the google, facebooks is when there is crash.
Indeed, a good old crash to separate the men from the boys.
Behold!
The Logarithmic Launch Saucer!
For a "Souper" trip to the MOON!
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Heed the advice to enhance your humility and marvel at the massive happenstance that we are all here to dance.
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Is it a boat or is it a rocket? Either will fit in your pocket!
I wrestle concrete aboard an obsolete vessel and still find levity in the brevity of life.
HURRAH! HURRAH!
Perfect, except for one extra letter N... Is it a boat or is it a rocket? Neither will fit in your pocket!
Delete the N... either will fit in your pocket or brain for that matter. Wow.
Oh yes, of course! I will make that edit, thank you @jovial-grace!
LOL! That's a good recitation!
Thank you kind sir!
For this outcome to happen I believe USD value will go way down. No impossibility, even to be espected in my opinion, and the result is beyond our dreams.
You have a point there. Maybe they can keep the house of cards from falling for another few months or years, maybe even a few decades but the debt bubble simply has to burst eventually. What's the quote? "Anyone who thinks that exponential growth can continue indefinitely in a finite world is either a madman or an economist"
You should see my Bitcoin crash scenario....to come in due time.
I am curious to see that. Do you have one for the next stoke market crash too, I can't help but feel is it not all that far off. I am also curious to hear what you might think would happen to crypto in that scenario, many say cash will flee to it as it should towards gold, I have my doubts though.
waiting with bated breath...
When at a certain point, you no longer have functioning FIAT...where to turn to excep Cryptos!
Gold
Someone shared an interesting read with me the other day. It proposes a situation in which we get a flip on the current stance that many big money powers take on Crypto: "A small portion of the population mostly being criminals, drug dealers, and groups funding terrorism." Once their digital cryptocurrency is out, those dealing in cash transactions will be portrayed as: "A small portion of the population mostly being criminals, drug dealers, and groups funding terrorism."
I like your analysis and it is very sound technically but for now BCH BTC drama is driving buyers away from both I think. In the last few days I have seen the decoupling that I have never seen before. ETH LTC ZEC all shotting up and BTC Is stuck and So is BCH. I think buyers are noticing it and may not feel safe with the back and forth going on between them. I have felt the same lately its like they both go back and forth and now they both seem stuck. I am sure they will move but for now the sentiment strongly feels like its with ETH LTC and other coins.
It's called phasic/non-phasic; when the cycles of two cryptos overlap for a while and become non overlapping and then back to overlapping.
Thanks Haejin for all you do! Do you have personal trading consultation services? I am interested. Thank you!
Top five upvoters each week get free half hour 1:1 crypto consultation with Haejin.
https://steemit.com/bitcoin/@haejin/weekly-top-five-upvoters-for-haejin-s-steemit-blogs-solisrex-knircky-famunger-michelios-alexis555-ripperone-redes
Yes, please contact me at [email protected]
I Hope i will be now one of the top 5 voters 🤪
Haejin is not limited in his intelligence insofar that he can be visionary while most here are simpletons or mere technicians - I like that about him, not sure if I like the drinking tea from an empty cup approach - as to bitcoin, the danger is that the assumption that "only 21 million" will be mined is now trash, every fork multiplies, so the legend is no longer a legend.
The BCH miners have a lot to lose and they pumped again but this time, BTC didn't go down it just went idle... of course many took their money to BCH to see if they could join the pump, but they're wary... this is not good but Ether is also having problems. BTCs fate is decided by institutions jumping in or not.
BTC's fate is decided by sentiment. The epic bublicous vertical move we will soon see will be like a tsunami that will lift almost everything very much higher....so that even the village idiot could be a good market caller...until the tsunami starts receding.
What % of crypto portfolio would you like to have in btc for this epic event?
@haejin I typically like your posts but this one contains little logic and is damaging as a result. 3.6 mil Bitcoin would mean that the total value of all Bitcoins would exceed the total calculable sum of all known assets in the world, in the many trillions of USDs. It is ridiculous to think that Bitcoin will take the place of every single piece of wealth in the world
USD's devalue and multiply, it's in their nature.
Until deflationary storm hits.
Though, I believe once the equities double from current value and finish their own parabolic move, a deflationary wave will occur. This deflation will value the cash USD more than anything else. It will be cash that everyone will want.....not credit, not loans...cash.
When the market crashes like shown below, all those who have margined everything to keep on buying will suddenly face margin calls. These poor souls will sell any asset they ahve to raise what? To raise cash to meet the margin calls. The same thing happened for housing crisis.
So, during these times hard cash is best or Treasury Bills which has the shortest duration times. Eventhough the Fed has lots of debt, it can still service 100x it current level of debt. The Treasury will be solvent for quite a while.
That's why the Fed is deathly of deflation and prefers inflation. Hence the QE1,3,4...and if they need to Fed wil QE to 1,000x to keep deflation out.
Wouldn't QE to that level cause hyper inflation and the collapse of USD, or am I misunderstanding the whole thing?
If there is no deflationary pressure..yes. But with Deflationary pressure, the hyperinflation is becomes selective like it was with QE on food items.
Deflation is more powerful than the Fed and one of that category is coming not too distant from now.
We ....eh quantities easing.... the hidden agande good ole Bernanks helicopter USD dollars ha ha .... bernanke and merkle quite the romantic 5th level affair. We are in the midst of WW3 the last and shortest of the three... can you see it
Thank you Kindly
The market cap would be 60 119 863 199 878. That is 60 trillion, if I am not mistaken.
According to this article, all fiat in the world is around 80 trillion, but there is 1.2 quadrillion invested in derivatives alone:
https://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18
thanks for the article
And what's wrong with that?
So valuable information on advanced TA, thank you so much! Resteemed and instant followed! Can you do something simular on ETH, DASH, XRP? :)
Which would you give better odds: BTC at $3.6M or BTS at $400?
I haven't laughed that hard in a while...great stuff..doesn't seem too unreasonable when you consider that amount of money about to come in from wallstreet and mainstreet...great analysis haejin...cheers
OMFG!! This is insane and I love it!! What a time to be alive :) However...I hope Bitcoin tops before the crash of the equities market...otherwise it doesn't matter if Bitcoin is $3mil as we will never see this money...banks will collapse and who's going to pay us Bitcoin holders out...
Very in depth, thanks for posting.
3.6 million...unreal but totally believable!
Are you ready to RUMBLE?!?!!!
3.6 mil? I'm ready to hop on the ride!
how do i reach you privately haejin?
Top five upvoters each week receive free half hour crypto consultation with Haejin. I would say you are looking good for next week. I gratefully bend the knee.
https://steemit.com/bitcoin/@haejin/weekly-top-five-upvoters-for-haejin-s-steemit-blogs-solisrex-knircky-famunger-michelios-alexis555-ripperone-redes
[email protected]
Awesome ⚘⚘⚘⚘ chart!
Thanks for this update!
About Ethereum, I think just wait for $500 and more. Like you said trading is very difficult.
Lightning before the thunder ..... how else would have Genghis Khan known not to bow on the veils of war whilst all other warriors did so when the lightning struck........ thus unveiled the Mongolian Khan Dynasty ..... bitcoin now ...... lightning or thunder.....or Mr Khan anew.........
Great my friend ," to behold the unknown, that in itself is the beautified moment"
Thank you kindly
I prefer "Fortune Favors the Bold"
InDeeD, wise words.
Thank you kindly
What kind of time frame are we talking here?
Months to years? No idea on timeline yet.
Decades. The central banks work together they will come at your door Haejin. Be carefull.
I believe it. As insane as it sounds, it carries a lot of logic... Thanks Haejin.
I wish you MASSIVE profits!
Thank you brother
Great post! Well substantiated information, definately going to be investing in bitcoin now!
Thank you!
Hmmmm....Haejin the dream maker....what in the world was your turkey stuffed with!
Are you talking 3.6 million dollars or tulips?
Actually...was just hitching my star to BTS...do I move it all to BTC?
Glad I woke up early...this is too surreal...love it.
Both BTS and BTC and 10 other altcoins of your choice.
Having ween'd down the variety of coins I own...OMG is one I would like to sell off once it makes the pop up you suggested recently to move more into BTC...do you still see it making the move you charted?
Not surprised, because by the time BTC reaches $1-2-3 Mil, the USD would have so much deflated that it will take half a million USD just to buy a regular car. So $3 Mil in this future would be worth $50000 today. Don't you think?
Inflated...if deflated, it'll take less dollars to buy a car.
I aim to own one bitcoin by then...!
Hey there, i just registered on steem and gave you an upvote. I've been reading your posts for a few months now. Keep up the good work.
I wish you MASSIVE profits!
@haejin thank you master of crypto - I've earned massive profits with your wisdom. Could you do TNT?
thanks @haejin , Vert coin is going up is it a Kaboom or just a small boom?! :)
Good post, I am a photographer, it passes for my blog and sees my content, I hope that it should be of your taste, you have my vote :D greetings
Hi haejin.
What are your thoughts on running flats, can they occur in wave 4's? If so did we just have one which or two (the current move might be another one)?
heres the high res
I have been counting btc for the last couple of days and had come to the following count and was thinking its just too nuts to be true. However after watching your analysis it seems a little bit more plausible
First, running flats are the rarest, haven't seen one in cryptos, yet. The chart you show is not a running flat. Second, my markings are in red. Note the expanded flat.
Thanks Haejin :). watched your most recent vid, the 3 had seemed a bit too 3 waveish for me, however I agree that the pattern matters more.
Very interesting analysis Haejin. Thank you for sharing it!!
Congratulations @haejin!
Your post was mentioned in the hit parade in the following category:
Isn't there a Bot that is supposed to be grouping all Coins TA together in a timeline?
So am i right that other alt Coins could reach a peak of minimum in 4-5 figure numbers? Thnx for responsing me. God bless you all.