Bitcoin Going to $40 Million? (Elliott Wave)

6 Dis 2023

This one is a bit hard to believe and I am not putting much weight on it, but I will publish it just for fun.

The channeling indicates that we had wave-A ending at the peak in 2013, and wave-B is just now ending after forming a running contracting triangle. Wave-B also relates to wave-A by exactly 161.8% in time (when measured from the time of the first recorded BTC/USD transaction in Oct 2009), which is the perfect amount of time for wave-B.

The internal structure of wave-B also fits nicely into a running contracting triangle with wave-a being the largest, wave-c being the 2nd largest, and wave-e being the smallest. Wave-b and wave-d also relate by 61.8%, and all the time relations fit nicely as well. The triangle channeling has a nice contracting shape with a small amount of throwover from wave-e.

While from a wave perspective this chart looks pretty good, the fact that it targets around $40 million by 2027 makes it seem extremely improbable. The only way I see this as possible would be for there to be extremely high inflation in the US, leading to a collapse in the value of the dollar and a massive expansion of the supply of dollars over the next 3 years.

That scenario seems very improbable to me and I do not expect this to happen so quickly, but I am publishing this chart because it is an interesting wave count. There may be an outside possibility that it actually does play out considering skyrocketing global deficits and overall terrible governance and monetary policy choices, and the potential for extremely inflationary events such as global world war.

I remember when BTC was trading for ~$200 most people used to say it could never reach $10,000+ because "the market cap would be too high" and that is likely the same reason why people will think it could never reach over 10M. The idea of what people thought was "too high" completely failed in the past, and it is likely to fail again in the future as market caps will again completely surpass what people now think is "too high." Maybe it doesn't happen by 2027 but at some point crypto market caps will likely be much larger than what most people imagine is possible today.