Recently we published very detailed videos about several altcoins and most importantly we chose to publish our newest bitcoin cycle model which was entirely designed by myself. I highly recommend checking out this video if you haven’t seen it yet because it's crucial to know for investor who focus on cryptocurrencies to understand bitcoin’s cycle theory.
Regarding the market, we have observed an exciting dynamic, bitcoin seems to continue its consolidation and Ethereum finally got its act together and broke above the last high. I will explain this in the Ethereum update in greater detail, check it out!
Additionally, many altcoins experience a significant inflow of buyers and as of now it seems that Fantom leads the market. The only thing I have to say about bitcoin is that the current consolidation may extend for another few days but as I repeatedly said in the last updates, we should break above 30’000$ in the near future.
Our alternative scenario of another wave (1) – wave (2) setup remains on the chart as long as we trade below the 1.618 extension at 28’720$.
To finish things up for today, a lot of investors messaged me privately about our long-term count in bitcoin. In the past we chose to publish this chart and because of the demand we would like to publish this chart again. The whole count since the last Cycle Top (1) can be seen below, feel free to ask questions if needed.
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$