On June 7th I posted a very bearish Bitcoin wave count which did not disapoint, as Bitcoin crashed leaving a big gap in its wake. This is actually the first big gap in Bitcoin that I know of. The general guideline that 90% of all gaps get filled, should not be taken serious with Bitcoin. This gap may close in a flash or remain open for years and even never get closed. It sure looks like the once famous mania has now been replaced with fear as Crypto hackers and scam artist take their toll on the bulls to muster a sustained return to a real bull market.
Every market goes up or down and just because it goes up does not mean it’s in a bull market . My wave counts are Cosmetic and should not be trusted for any reason as the big decline has not been clear enough the way I like it. I don’t speculate in any Bitcoins except some collector coins I sell to friends or give to family as birthday gifts. The same mania that happened in Bitcoin also happened in Marijuana stock ETFs like HMMJ. We can count Bitcoin waves until all combinations are exhausted and yet Bitcoin could flate-line and never mount a sustained bull market again. In order for any rally to be in a full blown bull market, Bitcoin would have to travel well above any $19,000 price level. Just like Tulips we may never see that Bitcoin extreme price level again.
I believe Bitcoin still has to fall well below the $6000 price level and many are starting to echo those same sentiments.