Bitcoin dominance surge to 70%

22 พ.ค. 2022

On the above 10-day chart Bitcoin dominance is plotted over the last 4 years. Could talk about this chart for hours. Sparing you from that, here’s the highlights:

1) The Elliot impulse wave and following corrective wave from 2018 to present day. BTC.D is now starting a new impulse wave.

2) The falling wedge + breakout. The flagpole extension measures a target to 70% dominance.

3) BTC.D reclaims the 10-day/21-week bull market support band. (Yellow line / Purple circle). Look left. Every time this happens price action goes to the preverbal moon.

4) Bitcoin prints a new all time high every two years. We’re currently in the accumulation year. Therefore we CAN expect a re-test of the all time high again during 2022. Moreover, in 2023 a new all time high is very probable.

5) What will the new all time high be? I don’t know. However there’s a clue in the weekly log growth curve chart (below). Price action is printing within a falling wedge pattern. A measured move from the flagpole extension puts price action into the 250k area by the end of next year with ease.

6) But price action might go to 20k! or 14k! Did you even read points 1 to 5?!

Ww


Weekly log growth curve

22 พ.ค. 2022

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PS: not that I'm a betting person, but I'd put a bet we're not going to see a recession until this new all time high is printed. Everyone is talking about one, and sure it's in the post but not yet.

22 มิ.ย. 2022

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