Bitcoin was seen as the next great thing before the selloff. Investing and trading legends like billionaire philanthropist Paul Tudor Jones say it is like investing in Steve Jobs’ Apple early, or like getting in on the ground floor on Google.
An interesting comparison shows that price movements can be very similar to buying Google earlier. Let’s take a look at this shocking conclusion and the happy ending. This should be enough to give cryptocurrency holders some peace.
Bitcoin Versus Google: Comparison Predicts Bull Finale Before The Recession
Many people find Bitcoin difficult to comprehend. Bitcoin feels more like magic internet money because there is no physical asset associated with it.
Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?| Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?
Those who do properly comprehend the cryptocurrency’s potential, compare it to like investing in a piece of the internet. This has been also compared with investing early in Apple and Google. Gert Van Lagen, a technical analyst and consultant shows how true that comparison might be.
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
The left side shows the Bitcoin price history for the past decade. The Great Recession has just passed Google. With a recession possibly ahead of us, the comparison isn’t without merit.
Google’s Happy End: Search Engine Giant emerges
The comparison above has been modified the analyst’s initial interpretationHowever, the analogy is just as confusing. It is clear that Bitcoin has not reached the end of its current cycle. This is good news for bulls. However, it does not show that the primary motive wave has come to an end with wave 5. Wave 5 will bring the Google stock price down to wave 4.
Similar Reading: Did a “ZigZag” Correction Change The Crypto Market?| Did A “Zig-Zag” Correction Shake Out The Crypto Market?
If the same were to happen to Bitcoin, price could fall below the 2017 low eventually, reaching $2,000 per coin during any recession ahead – if it occurs. The recent cryptocurrency selloff is a sign that the recession may already be here. If it isn’t, the market could recover to new highs and while the market is blind, the recession could finally creep in.
Google made it through the correction, even though it was extremely severe. Source: TradingView.com.| Source: NASDAQ-GOOGL on TradingView.com
The primary uptrend was maintained higher after the correction. Elliott Wave Theory is the technical analysis method used to analyze these charts. Study suggests that markets all move according to wave patterns determined by human emotion cycles. Therefore, the same pattern could be found in different assets.
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— Tony “The Bull” Spilotro (@tonyspilotroBTC) June 17, 2022
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Featured image taken from iStockPhoto. Charts taken from TradingView.com