Related Topics
Currencies , ETFs
     

Bitcoin’s All-Time High Foretold Before U.S. ETF Launch

“A developing upward wave is in progress”

by Bob Stokes
Updated: October 26, 2021

On Oct. 20, Bitcoin climbed to a new all-time high above $66,000 -- quite a rebound from its price level just below $30,000 as recently as July.

At that time, the sentiment was quite bearish. Here are just a couple of sample headlines:

  • Bitcoin: [Investment Firm Chairman] Says Price Can Crash to $10,000 (Bloomberg, July 9)
  • Why You Should Worry About the Next Crypto Crash... (Money, July 20)

All the while, Elliott Wave International's head crypto analyst Tony Carrion was saying, in effect, "hold your horses. Bitcoin's run is far from over."

In the "Cryptocurrency" section of our July Global Market Perspective, when the grandaddy of digital currencies was still in freefall, Tony told subscribers:

Bitcoin [is] at or near the end of its [Elliott wave] correction.

Short, sweet and to the point.

Well before July was over, Bitcoin found a bottom and has been in "bounce back" mode ever since.

The message of the Elliott wave model was the basis for Tony's prescient Bitcoin call.

In the September Global Market Perspective, Tony again got right to the point in his Bitcoin analysis:

A developing [upward wave] is in progress.

And, as all Bitcoin observers know, that upward Elliott wave has persisted well into October.

Yet, on Oct. 20, the headline of a major financial website stated (CNBC):

Bitcoin jumps to new high above $66,000 after landmark U.S. ETF launch

But as just described, Bitcoin's new all-time high was in the cards, according to the Elliott wave model, months ago.

As of this writing on Oct. 25, Bitcoin is trading a little below that all-time high.

What's next?

Get insights by reviewing the charts with Bitcoin's Elliott wave count, which are found in the "Cryptocurrency" section of the Global Market Perspective.

The Elliott wave model is ideally suited for emotional markets like cryptocurrencies and it can help you to anticipate Bitcoin's next big trend shift.

Prepare ahead of time by following the link below.

Get “Plugged In” to Worldwide Financial Opportunities

These opportunities abound in the Asian-Pacific, Europe and the U.S. -- in all, 50+ markets worldwide!

You can get "plugged in" by teaming up with our global Elliott wave experts. They constantly scan the globe for high-confidence chart setups that others may miss.

Let them do the work for you as they search for global opportunities (and alert you to risk).

Each monthly issue of our Global Market Perspective is jam-packed with actionable information about global stock markets, cryptocurrencies, forex, rates, metals, energy and much more.

Follow the link below to find out more.

Global Market Perspective

$59

Gives you clear and actionable analysis and forecasts for the world’s major financial markets.

Get insights for the U.S., European and Asian-Pacific main stock indexes, precious metals, forex pairs, cryptos (including Bitcoin), global interest rates, energy markets, cultural trends and more.

Crude Oil Soars to 7 Year High: Cue the Old, Tight Supply Song & Dance

A recent rise in crude oil prices led to predictable news about "falling supply." Yet our forecasts saw this "news" while it was still an opportunity: See it for yourself in Chart of the Day.

See the Chart That Shows What "Insane Valuations" Look Like

"You could say stocks are overvalued." That is Robert Prechter's absurdly understated-on-purpose comment about the valuation chart he just published. See it for yourself in Chart of the Day.

Rare Earths Miners: A Bullish Call, a 30% Rally

The metals known as "rare earths" are coveted because they are used in smart phones, electric vehicles, computers, military hardware and other important applications. Our July 2021 Global Market Perspective provided analysis of REMX, an exchange-traded fund which focuses on rare earths and here's what happened.