Bitcoin: Boom or Bust in 2024?

investing.com:

Regular readers know we primarily use the Elliott Wave Principle (EWP), to make prognostications on where Bitcoin (BTC) should ideally top and bottom. Besides, we track the 4-year cycle theory proposed by @CryptoCon_ to anticipate when these highs and lows should happen.

Namely, when we track financial assets like BTC, we use objective standards, i.e., the standard Fibonacci-based impulse pattern, which applies most of the time. But, since the financial markets “do not owe us anything,” as they say, sometimes they move outside those standards. Therefore, we cannot foresee all moves and all highs and lows. However, just because the standard Fibonacci-based pattern is not followed doesn’t mean the EWP doesn’t work—quite the contrary. Financial markets — including Bitcoin — are complex systems like the weather and can never always be correctly forecasted. But the list of our articles shows we have mostly been on track. Thus, applying the time-tested objective standards always provides appropriate risk management, the most critical aspect of trading.

Moreover, although “past performance is no guarantee for future results,” as is always disclaimed, when we learned Bitcoin has progressed since its inception in what appears to be a regular pattern, see here and Figure 1 below, we must assume that pattern will continue until proven otherwise.

Figure 1: The Monthly chart of BTC since 2011 with its four-year cycles

Thus, based on these cycles, BTC moved late November/early December from the Early-Bull phase into its Mid-Bull phase, which will end in late 2024. The blue boxes in Figure 1 above show the previous three occasions. What we find is that each time this phase transition happened, BTC struggled for a few months: topped