Before Recent salesBitcoin is positioned as the next big thing. Investment and trading legends like billionaire Paul Tudor Jones say it’s like investing in the early Steve Jobs’ Apple, or getting on the ground floor on Google.
A new comparison suggests that even the most recent price movement is a lot like if you had bought Google early. Here is a closer look at the shocking comparison along with the happy ending that should give crypto holders some relief.
Bitcoin vs. Google Comparison Predicts the End of the Bull Before the Recession
Bitcoin is a difficult topic for many to get around. The lack of a physical object attached to the original makes it akin to magical internet money.
Those who correctly understand the potential of cryptocurrency, compare it to investing in a part of the Internet. It has also been compared to Invest in Apple or Google early. However, a new comparison inspired by technical analyst Gert van Lagen shows just how accurate this statement is.
BTCUSD compared to Google during prior to The Great Recession | Source: BTCUSD on TradingView.com
On the left, the last decade plus Bitcoin price action. On the right is the Google site just before the Great Recession. With the prospect of a recession ahead, the comparison is not without merits.
Google’s happy ending: the emergence of a giant search engine
The comparison above has been changed from Initial interpretation of the analyst, but the comparison is still contradictory. The example indicates that Bitcoin is not close to the current cycle. Although this provides hope for the bulls, the same comparison shows that the primary impulse wave has come to an end with wave 5, sending Google’s price back below wave 4.
Related reading | Did the “zigzag” correction shake the cryptocurrency market?
If the same thing happens to Bitcoin, the price could eventually dip below the 2017 low, reaching $2,000 per coin during any upcoming recession – if it happens. Many believe that a recession is already in place, which is why the cryptocurrency has been sold off lately It was so intense. If not, the market may recover to new highs and while the market is blind, a recession could finally creep in.
Although the correction was especially severe, Google did just fine | Source: NASDAQ-GOOGL on TradingView.com
In the end, the correction ended, and the primary uptrend continued higher. The technical analysis methods used in the above charts are referred to as Elliott Wave Theory. The study believes that all markets move in the same wave patterns based on human emotion cycles, hence why the same patterns can appear in two completely different assets.
Two EW experts will give a one-hour lesson on Elliott Wave settings in cryptography — and explain what’s really going on # bitcoin
– Tony “The Bull” Spilotro (@tonyspilotroBTC) June 17, 2022
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Featured image from iStockPhoto, Charts from TradingView.com