A massive drop as detailed here.
I guess Bitcoin has to clear 200k to override this bearish call.
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Discussion
Since last year, we have much more clarity on the tail end of this move. The minimum became $95-100k. We got that now.
That means the entire 14yr move COULD be over.
There's still a chance of a near term exhaustive push to $100-130k to top after a drop back to $80k. But its very very very high risk on long term charts because again, we fulfilled all minimum target requirements at the known end of a move.
The level of conviction I detect amongst Bitcoiners means suggests they will keep on stacking regardless.
But it will be painful if you are right.
That's precisely why such a low level is required. A market's goal is to shake out conviction.
$100k shakes out permabear conviction.
But $80k, $50k, even $30k will not shake bullish conviction.
It will take deep levels. When all bulls throw in the towel, THEN we re-buy. And MSTR bankruptcy may very well be a marker for that (like FTX was).
I'm working on alternate all-time counts. The only bullish count I can find breaks 2 EW rules so it's considered invalid. I need to look harder. I can find 2 valid bearish counts that each point to corrections of 70% to 90%. It's really dangerous here.
“It's really dangerous here.”
13k? are you on crack or something?
17k was a total reset
