Bitcoin shows a descending wedge pattern shaped like a megaphone, with expectations of reaching prices near, but not equal to, $100,000. We face a diagonal resistance connecting historical highs, and we are completing the fourth Elliott wave. Considering a strong fifth and final wave is plausible for those expecting higher prices. However, given current economic uncertainties and the yield curve inversion, we might enjoy 9 to 18 months of a bullish market. U.S. presidential elections are merely a periodic excuse to divert attention from economic issues stemming from unchecked money printing.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.