BTCUSD - Two Forecasts.I like to take bar patterns and compare them to what has happened before, to try and see where the market is taking us. It's just a manual way of doing what machine-learning algorithms perform.
With the abysmal performance of Bitcoin lately I see one of two things:
Using traditional analysis, there's a possibility that a very large (around 4 months long) teacup pattern is forming. If so, we're just about at the bottom of it now.
More likely, using pattern matching, I see a repetition of the March thru May 2021 Bitcoin crash - albeit rescaled to a shorter timeframe and lesser peak/valley difference.
If it weren't for the terrible economy (thanks to politicians who love spending other people's money & the idiots at the Fed), we should have been pushing past $100k by now.
Hopefully, one of these two forecasts plays out.🤞 If it doesn't it could very well be the end of crypto as we know it.
The economy sucks for multiple reasons, but the main factor appears to be a deliberate crashing of the US dollar ... You see, the past 20 years or so of Congressional Spending Bills, together with the Federal Reserve have printed multi-trillions of dollars - creating money they did not have to spend. (This is a de-facto tax on US taxpayers, because it devalues the money that we all have.)
Real Money Supply: FRED:M2REAL
Federal Debt: FRED:GFDEBTN
The Biden admin is, I believe, deliberately pushing us over the edge by spending 10-20 trillion more dollars (creating them into existence via the Federal Reserve ponzi scheme). Instead of demanding a balanced budget, reigning in the out-of-control spending, selling assets and reducing debt, they instead are intent on squeezing out every last drop before they push us over the cliff .
Now, the hole they've dug is so colossal, the only way they can get us out of it is by crashing the dollar - which devalues the current debt they've created.
They regard it as "Free Money" - ie: "It's going down in flames, so we might as well spend it like crazy!", ignoring the fact that us plebs have to pay for their utter incompetence and complete disregard for US Citizens , because along with the US dollar they're also crashing our entire Savings, 401K's, IRA's, Pension Funds, etc. !!
The only things that will increase along with inflation are tangible goods. This is why there are so many corporations/entities trying to gobble up the housing market. Property is one of the few things that will increase along with hyper-inflation created by a US dollar crash.
"You'll own nothing and be happy" they tell us. Funny how politicians always come out on top. 🤬
Sigh.
Let's Go Brandon!
FRED:M2REAL
FRED:GFDEBTN
