According to Ralph Nelson Elliott's "Elliott Wave Theory" a market cycle has a Motion Wave (5 impulse waves up) followed by the correction ( ABC wave). According to this count BTC had its 5 impulse waves and is going for the correction phase now, what would mean 20K is the all time high. We could see a B wave up from here but to reach new all time highs we would need an extended fifth wave? Don't hesitate to give your opinion!
評論
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We arrived at the decision point. Was the 2019 bull-rally a failed extended fifth wave and will this indeed be the inflection point to continue the supercycle's ABC correction?
@voidarkterror, most people understand the concept of halvening so one could reasonably assume it is already built into current price action well ahead of the event which we are seeing to day. The halvening has less and less of impact as the buyers at 400-700$(majority of current hodlers) have all the time in the world to get to 50000k. They want to be billionaires not millionaires.
ruraldisturbance
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Satoshi Nakamoto: “The price of any commodity tends to gravitate toward the production cost.” Now do your research, is the production cost going up, down or staying the same? All you guys hoping for that big crash are not taking the fundamentals into consideration, Satoshi told everyone in the statement above how it works, if you and the people here don't get it, I don't know what to say.
theheirophant
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@ruraldisturbance, well said! all these btc doomsayers are not checking fundamentals.
moarbtc
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To me this is just as ridiculous as those Bitcoin to 1 million dollars charts. Do you understand what level of collapse the entire cryptosphere would have to go through in order for BTC to drop to 400 dollars? And mind you during a time period where the FA has never been better and BTC has never been stronger? Bitcoin Development and adoption is in the golden age right now and the future is very bright. Correction a few 1000 dollars yes. Down to 400 dollars might as well just say 0 just as unlikely at this point.
konradkordy
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@moarbtc, Thats what I'm thinking too. Bears are bearish until BTC gets close to zero -- it isn't possible, and that isn't a healthy retrace for bitcoin, and they should not be wanting that.
moarbtc
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@konradkordy, its become a meme for bears now "short the ponzi to zero." They are just bitcoin haters and want it to fail but never gonna happen.