Prior to the recent sale, Bitcoin was being traded as the next big thing. Investor and trade legends like billionaire philanthropist Paul Tudor Jones say buying Bitcoin is like investing in Apple’s Steve Jobs soon or joining Google soon.
Bitcoin – an investment like Google?
A new comparison suggests that recent stock performance is similar to an early Google purchase. Here’s a closer look at the disturbing comparison and possible happy ending that would bring comfort to crypto holders.
Why the comparison between Bitcoin and Google is bullish
Bitcoin is an elusive topic for many. Given the lack of a physical object associated with the asset, it looks like “magic internet money”.
Those who can properly assess the potential of cryptocurrency compared to investing in a piece of the Internet. BTC is also consistently compared to an early investment in Apple or Google. However, a new comparison suggested by technical analyst Gert van Lagen shows just how true that statement might be.
On the left you can see the development of Bitcoin prices over the last decade. On the right is Google just before the Great Recession. With a potential recession ahead, the comparison is not unfair.
The happy ending for Google: The search engine giant was born
The above comparison has changed slightly from the analyst’s initial interpretation. But the comparison is still just as frightening.
The example suggests that the current cycle of Bitcoin is far from over. The comparison shows: The primary stimulus wave ends with wave 5 and brings Google’s price back below wave 4.
If the same thing happens with bitcoin, the price could fall by the end of the lows in 2017 and hit $ 2,000 per coin during an economic downturn – if it does. Many believe that the recession is already here, which is why the recent crypto sales have been so intense.
If not, the market could rally to new highs. And while the market is blind, the recession may be over.
Eventually the correction came to an end and the basic trend re-emerged. The method of technical analysis used in the charts above is called Elliott Wave Theory.
It assumes that all markets move in the same wave patterns. These in turn are based on human emotional cycles – which is why the same patterns can be seen with two completely different assets.
Text credit: Newsbtc
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