Bitcoin is completing a 4th intermediate wave correction
Shown is the monthly chart for Bitcon with all the intermediate, primary, and cycle Elliot waves.
The following are wave numbers, dates,
BLX prices, % profit/loss and $ profit loss for each wave since Bitcoin began trading on the exchanges in 2010:
Wave DateBLX % P/L $ P/L
(0) Oct 2010 $0.01 - -
(1) Nov 2010 $0.49 4700% $0.48
(2) Dec 2020 $0.17 -65.3% -$0.32
(3) Feb 2011 $1.10 547% $0.93
(4) Apr 2011 $0.58 -47.3% -$0.52
1 (5) Jun 2011 $31.90 5400% $31.32
2 Nov 2011 $2.01 -93.7% -$29.89
(1) Jan 2012 $7.19 258% $5.18
(2) Feb 2012 $3.90 -45.8% -$3.29
(3) Apr 2013 $268.67 6789% $264.77
(4) Jul 2013 $65.00 -75.8% -$203.67
3 (5) Nov 2013 $1177.19 1711% $1112.19
4 Jan 2015 $163.88 -86.1% -$1013.31
(1) Jun 2016 $783.93 378% $620.05
(2) Aug 2016 $483.16 -38.4% -$300.77
(3) Jun 2017 $2979.05 517% $2495.89
(4) Jul 2017 $1814.76 -39.1% -$1164.29
I 5 (5) Dec 2017 $19764.51 989% $17949.75
II Dec 2018 $3148.33 -84.1% -$16616.18
(1) Jun 2019 $13831.41 -84.1% -$16616.18
(2) Mar 2020 $3941.21 -71.5% -$9890.20
(3) Apr 2021 $64840.36 1545% $60899.15
(4) May 2021 $30261.48 -53.3% -$34578.88
Notes:
1. The 4th wave may be complete. I was expecting a final push just below 30K, but it hasn't happened;
31K is strong support for now.
2. Notice the largest gains by dollar amount occur in the 5th intermediate wave of each primary cycle. The 5th intermediate wave was 98.2% of all the dollar gains in the 1st primary cycle ending in June 2011. The 5th intermediate wave was 94.6% of all the dollar gains in the 3rd primary cycle ending in Nov 2013. The 5th intermediate wave was 91.6% of all the dollar gains in the 5th primary cycle and 1st major cycle ending in Dec 2017. If the 5th intermediate wave in this 1st primary wave of the 3rd major cycle goes to $125,000, then it will comprise 77.7% of all the dollar gains for this 1st primary cycle. If the 5th intermediate wave in this 1st primary wave of the 3rd major cycle goes to Max Keiser's $220,000 prediction, then it will comprise 87.5% of all the dollar gains for this 1st primary cycle.
3. The 3rd intermediate wave in this 1st primary wave of the 3rd major cycle is $60899.15. It is reasonable to expect 125K minimum for this 1st primary wave since the top of the "Bitcoin log growth curves" indicator by quantadelic indicates that value by the end of Sep 2021. This is also the date when the golden ratio time chart theory by tradingshot predicts for an end to this bull market. If a "supercycle" as proposed by Dan Held occurs this time, then values much higher than the "top of the log growth curves" could occur, but they have not done this in past history for the end of the 2011, 2013, and 2017 bull market cycles.
The following are wave numbers, dates,
BLX prices, % profit/loss and $ profit loss for each wave since Bitcoin began trading on the exchanges in 2010:Wave Date
BLX % P/L $ P/L(0) Oct 2010 $0.01 - -
(1) Nov 2010 $0.49 4700% $0.48
(2) Dec 2020 $0.17 -65.3% -$0.32
(3) Feb 2011 $1.10 547% $0.93
(4) Apr 2011 $0.58 -47.3% -$0.52
1 (5) Jun 2011 $31.90 5400% $31.32
2 Nov 2011 $2.01 -93.7% -$29.89
(1) Jan 2012 $7.19 258% $5.18
(2) Feb 2012 $3.90 -45.8% -$3.29
(3) Apr 2013 $268.67 6789% $264.77
(4) Jul 2013 $65.00 -75.8% -$203.67
3 (5) Nov 2013 $1177.19 1711% $1112.19
4 Jan 2015 $163.88 -86.1% -$1013.31
(1) Jun 2016 $783.93 378% $620.05
(2) Aug 2016 $483.16 -38.4% -$300.77
(3) Jun 2017 $2979.05 517% $2495.89
(4) Jul 2017 $1814.76 -39.1% -$1164.29
I 5 (5) Dec 2017 $19764.51 989% $17949.75
II Dec 2018 $3148.33 -84.1% -$16616.18
(1) Jun 2019 $13831.41 -84.1% -$16616.18
(2) Mar 2020 $3941.21 -71.5% -$9890.20
(3) Apr 2021 $64840.36 1545% $60899.15
(4) May 2021 $30261.48 -53.3% -$34578.88
Notes:
1. The 4th wave may be complete. I was expecting a final push just below 30K, but it hasn't happened;
31K is strong support for now. 2. Notice the largest gains by dollar amount occur in the 5th intermediate wave of each primary cycle. The 5th intermediate wave was 98.2% of all the dollar gains in the 1st primary cycle ending in June 2011. The 5th intermediate wave was 94.6% of all the dollar gains in the 3rd primary cycle ending in Nov 2013. The 5th intermediate wave was 91.6% of all the dollar gains in the 5th primary cycle and 1st major cycle ending in Dec 2017. If the 5th intermediate wave in this 1st primary wave of the 3rd major cycle goes to $125,000, then it will comprise 77.7% of all the dollar gains for this 1st primary cycle. If the 5th intermediate wave in this 1st primary wave of the 3rd major cycle goes to Max Keiser's $220,000 prediction, then it will comprise 87.5% of all the dollar gains for this 1st primary cycle.
3. The 3rd intermediate wave in this 1st primary wave of the 3rd major cycle is $60899.15. It is reasonable to expect 125K minimum for this 1st primary wave since the top of the "Bitcoin log growth curves" indicator by quantadelic indicates that value by the end of Sep 2021. This is also the date when the golden ratio time chart theory by tradingshot predicts for an end to this bull market. If a "supercycle" as proposed by Dan Held occurs this time, then values much higher than the "top of the log growth curves" could occur, but they have not done this in past history for the end of the 2011, 2013, and 2017 bull market cycles.
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