Bitcoin - pump to 43777, then crash to 34000

Bitcoin is currently going up in the short term, but do not fall for this uptrend. It's clear that the downtrend will continue, and we will see a huge dump to 34,000, probably in March. As per my Elliott Wave count, we have finished a huge impulse wave, and now we need to make an ABC correction so we can go higher to 100,000 in 2025. Wave A is complete; now we are in wave B, the corrective move. Why is 34k strong support? We have a 0.618 Fibonacci retracement on this level and also a pretty huge gap. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

How Much Bitcoin Is in Circulation?

Bitcoin’s total supply is limited by its software and will never exceed 21,000,000 coins. New coins are created during the process known as “mining”: as transactions are relayed across the network, they get picked up by miners and packaged into blocks, which are in turn protected by complex cryptographic calculations.

As compensation for spending their computational resources, the miners receive rewards for every block that they successfully add to the blockchain. At the moment of Bitcoin’s launch, the reward was 50 bitcoins per block: this number gets halved with every 210,000 new blocks mined — which takes the network roughly four years. As of 2020, the block reward has been halved three times and comprises 6.25 bitcoins.

Bitcoin has not been premined, meaning that no coins have been mined and/or distributed between the founders before it became available to the public. However, during the first few years of BTC’s existence, the competition between miners was relatively low, allowing the earliest network participants to accumulate significant amounts of coins via regular mining: Satoshi Nakamoto alone is believed to own over a million Bitcoin.

Mining Bitcoins can be very profitable for miners, depending on the current hash rate and the price of Bitcoin. While the process of mining Bitcoins is complex, we discuss how long it takes to mine one Bitcoin on CoinMarketCap Alexandria — as we wrote above, mining Bitcoin is best understood as how long it takes to mine one block, as opposed to one Bitcoin. As of mid-September 2021, the Bitcoin mining reward is capped to 6.25 BTC after the 2020 halving, which is roughly $299,200 in Bitcoin price today.

Comment:

On the daily chart, there is a FVGAP. Usually, the start of the gap and the end of the gap are strong resistances.

Comment:

Bitcoin is approaching the FVGAP on the daily chart. Strong resistance. Expect a huge decline in price.