From a list of about 1594 Cryptos, Bitcoin, Ethereum and Ripple are the top three and in that order. So far Bitcoin shows no sign of slowing down as yesterdays double bottom did not hold. We may have to wait until the next ice age before we will ever find the support for the next major Bitcoin bull market to come.
Of course that day may never come except for some surprise rally that will run out of steam as well. Iv’e kept my wave count about the same, but started my 1-2, 1-2 wave count. To extend a 5th wave decline I would be looking for at least three sets of 1-2 moves. They may be waking up to the fact that Cryptos are not that safe as even Ethererum is taking huge losses. I don’t think Bitcoin investors realize the fact, when a bull market is over. Even in stocks, some analysts can sense that the bull market is over. Investing and speculation are two different strategies and I loath it when they are talking about “Investing In Bitcoin”, even after it crashed from $20,000 down to $6000.
Some “Bitcoin” investors think there should be no crashes as they cry about it when they get wiped out. All Cryptos started from zero and they sure can head back to zero. One main reason is that Bitcoin has no “intristic” value. Anybody that makes a comparison, calling Bitcoin a “gold” replacement has little gold history knowledge. Ten years from now the only Bitcoins you may find are the collectors tokens we can import from China. I made a necklace with one of my Bitcoin tokens and I sold it right off my neck in a restaurant for $20!
Here is a simple chart of the Ethereum US dollar price chart in green. Does Ethereum look like a good investment for you? There is no way of telling how deep Ethereum can crash down to, but its bear market is far from over. One day we could see Cryptos flat-line just like the Ethereum chart above!