TRXBTC Could Head for All Time Highs in 2021 (Elliott Wave)
TRXBTC is in a similar diametric pattern as XRPBTC was in right before the 2017 bull run where XRP increased over 500x against the Dollar and 50x against Bitcoin (see attached chart). It remains to be seen if this pattern will repeat on TRXBTC. If it does TRX could increase over 1000x against the Dollar.
(XRPBTC March 2017)
As you can see there is a similar ABCDEFG pattern on both of these charts. With selling momentum decreasing on TRX, it seems like bears are running out of ammo and soon this chart will reverse in a massive way. We could see more chop for a few more weeks before the rally begins, but at some point soon we should see a very large bullish reversal.
Fundamentally, TRON remains one of the strongest competitors in the crypto space. It has nearly instant, free, and optionally-private transactions, millions of transactions per day, and one of the most robust dapp ecosystems in the world. There are many tokens built on TRON that could also see similarly large growth as TRX, including BTT, JST, WIN, SUN, and others. There's $10 billion in USDt issued on the TRON network, second only to ETH, with free and fast transactions compared to ETH's very high gas fees and slow transactions, USDt and most dapps on TRON have a significantly better user experience than ETH.
The simple fact that TRON has such a fundamentally strong network but the price has been relatively weak also creates a massive fundamental/price divergence. For something with such strong fundamentals to be doing so poorly in price is an irrational situation, and that irrationality has created a massive opportunity which will be missed by most who are chasing short-term price movements and getting caught up in the fake news narrative and the herd mentality about TRON and Justin Sun. This is the same fake news narrative and herd mentality that was pushed in 2016 on XRP, right before XRP did its 500x gain against USD, making it one of the best performing cryptos of 2017. TRON is in an ideal position to repeat what XRP did in 2017, and possibly even exceed it.
My target for TRX is at least a 50x gain against BTC, but we could far exceed that. I will be looking for an ideal exit as prices increase, but primarily I will be focusing on the USD chart and looking to take profits in the 40-350 USD range.
As you can see there is a similar ABCDEFG pattern on both of these charts. With selling momentum decreasing on TRX, it seems like bears are running out of ammo and soon this chart will reverse in a massive way. We could see more chop for a few more weeks before the rally begins, but at some point soon we should see a very large bullish reversal.
Fundamentally, TRON remains one of the strongest competitors in the crypto space. It has nearly instant, free, and optionally-private transactions, millions of transactions per day, and one of the most robust dapp ecosystems in the world. There are many tokens built on TRON that could also see similarly large growth as TRX, including BTT, JST, WIN, SUN, and others. There's $10 billion in USDt issued on the TRON network, second only to ETH, with free and fast transactions compared to ETH's very high gas fees and slow transactions, USDt and most dapps on TRON have a significantly better user experience than ETH.
The simple fact that TRON has such a fundamentally strong network but the price has been relatively weak also creates a massive fundamental/price divergence. For something with such strong fundamentals to be doing so poorly in price is an irrational situation, and that irrationality has created a massive opportunity which will be missed by most who are chasing short-term price movements and getting caught up in the fake news narrative and the herd mentality about TRON and Justin Sun. This is the same fake news narrative and herd mentality that was pushed in 2016 on XRP, right before XRP did its 500x gain against USD, making it one of the best performing cryptos of 2017. TRON is in an ideal position to repeat what XRP did in 2017, and possibly even exceed it.
My target for TRX is at least a 50x gain against BTC, but we could far exceed that. I will be looking for an ideal exit as prices increase, but primarily I will be focusing on the USD chart and looking to take profits in the 40-350 USD range.
TRXBTC has gone sideways as forecasted in January. This sideways trend could continue for several more weeks. Wave-g may not end until as late as June, but it could also end at any point from here and start a massive vertical move upwards.
In the meantime, TRON based tokens like KLV, BTT, WIN, SUN, and JST are all up over 100% YTD and will probably see much larger gains in the near future.