The news is becoming overwhelmingly positive and the massive expansion by exchanges and brokers into more global and traditional markets will lead to the new money buyers required to end this sell-off and begin a new uptrend. Governments are beginning to clarify their regulations surrounding cryptocurrencies and we will soon start to see ETFs and related products being traded on major traditional exchanges. Now that the SEC has said that Bitcoin 0.02% is not a security it has opened the door to an ETF having much greater chance of being accepted, due to the fact that it was rejected last time solely on the fact that it was unregulated. The CBOE -2.09% has just recently put in their application for another ETF after the SEC's decision to regulate most cryptocurrencies as non-securities. The China shutdown is also no longer a major factor due to their massive decrease of CNY -0.68% volume , and South Korea seems to be leaning towards loosening up their restrictions towards cryptocurrencies in their country. Even Facebook 2.41% has started to allow cryptocurrencies ads again which will help bring more new money into the space.
Apart from the news starting to improve, we are also seeing major momentum divergences and elliott wave patterns forming that indicate that we are at a significant bottom now. There's also harmonic patterns forming on multiple other cryptocurrencies, such as LTC, that are very large and will likely provide a large amount of support at these prices. There's also bullish divergent bars on multiple cryptos on the weekly charts and below, which again increases the probability of a reversal here.
With all of these factors occurring simultaneously, it's very likely for some sort of bullish retracement or a complete reversal here. Most likely, due to the potential EW pattern, we will see a complete reversal here and it will send us to new all time highs over the next year, with Bitcoin 0.02% going as high as 100k sometime next year. Bitcoin 0.02% will also probably be one of the less bullish currencies because of competition and issues with scalability. We will also probably see a continuation of BTC 0.02% losing its market cap dominance to other top cryptocurrencies until it loses its seat as the biggest cryptocurrency.
When will this start ? No one knows but yes it is very near for sure .
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Digitalnew