To be honest, I don't think this is going to happen, nor is it likely at this point. It would break the S2F model and crash ALL Altcoins by at least 99%
But unfortunately, it can't be ruled out that a cycle wave 2 low (white wave 2) is not in yet (BTC down to $1k). It only works as a giant WXY correction to reach that low.
The newest speculators (big institutional money) have not been through a bear cycle yet. They don't know how capitulation feels.
If some of these big institutions would collude to dump all their coins at the same time, they could drop the price of BTC very low for a short amount of time. That is because retail investors like myself do not have as deep pockets and it would take weeks to push the price above 15k again...
The same would also happen if the 10k level would fail to offer support for yellow wave 2.
This is not financial advice. This is just one of seven valid BTC counts I am watching every day and it has the lowest probability of those seven counts...
What is a bit worrying, is the fact that BTC touched the indicator (green) on the weekly chart and the reaction so far has been lackluster at best.
A new low below 29k should be an early warning sign that we could go much lower...
If that happens, I will make a post about my strategy going forward.
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Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
Please consider leaving a comment, like or rehive, if this post entertained you or helped you see things differently...
Have a nice day :-)
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so there is a chance btc can go to 1k$ ?
Yes, a small chance of 2%.
If big investors sell off, I fear the effect is going to be very bad...cuz who will buy such magnitudes back up?
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The lower it falls, the less money is needed to buy it back up to stable levels.
Yeah right....I forgot that I’m the only unemployed one here lol
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