I am clear about one thing: IF stocks have…a final blow-off rally – and that looks increasingly likely to me – bitcoin and [other] cryptocurrencies will almost certainly have their own dramatic blow-off rally as well.
…Breakthrough new technologies always start with a “hype” phase during which their potential is dramatically overstated in the short term. Then, when that bubble collapses, the technologies are underestimated until the “real” bull market becomes evident after a few decades. [With that being said,]…here’s my projection for Bitcoin IF stocks see a final blow-off rally and top:
[When one looks]…at the entire bitcoin bull market since 2011 through the Elliott Wave filter…it looks like the classic 5-wave rally:
- The first wave peaked in late 2013 and crashed 87% into early 2015.
- The next wave peaked in December 2017 and crashed, thus far, 84% into its recent low around $3,200.
- IF it repeats the 87% crash previously, that would be put it as low as $2,600 just ahead.
- Then, IF stocks take off soon, as I expect they will, bitcoin could easily rally to a…high of $32,000 [which]…would be proportionate to the internet final wave up into February 2000 after the late 1998 mini-crash…
Like last time, bitcoin is likely to peak about a month before stocks, just like it did in late 2017 and as the internet did in early 2000 before the Nasdaq and stocks peaked.