Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison
2022年6月25日 - 3:01AM
NEWSBTC
Before the recent selloff, Bitcoin was positioned as the next big
thing. Investing and trading legends like billionaire
philanthropist Paul Tudor Jones say it is like investing in Steve
Jobs’ Apple early, or like getting in on the ground floor on
Google. A new comparison suggests that even the latest price action
is very much like if you had bought Google early. Here is a closer
look at the shocking comparison along with the happy ending that
should give crypto holders feeling uneasy some comfort. Bitcoin
Versus Google Comparison Predicts Bull Finale Ahead Of Recession
Bitcoin is a hard subject for many to wrap their head around. The
lack of a physical object associated with the asset makes it feel
more akin to magic internet money. Related Reading | Bitcoin Weekly
RSI Sets Record For Most Oversold In History, What Comes Next?
Those who do properly comprehend the cryptocurrency’s potential,
compare it to like investing in a piece of the internet. It has
also been compared to investing in Apple or Google early.
However, a new comparison inspired by technical analyst Gert
van Lagen shows just how accurate that statement might be. BTCUSD
compared to Google during prior to The Great Recession | Source:
BTCUSD on TradingView.com On the left, is the last decade plus of
Bitcoin price action. On the right is Google just ahead of The
Great Recession. With a recession possibly ahead of us, the
comparison isn’t without merit. The Happy Ending For Google: A
Search Engine Giant Emerges The above comparison has been changed
from the analyst’s initial interpretation, but the comparison
remains just as jarring. The example suggests that Bitcoin is
nowhere near done with the current cycle. Although that provides
hope for bulls, the same comparison does show the primary motive
wave coming to a conclusion with wave 5, taking the price of Google
back to below wave 4. Related Reading | Did A “Zig-Zag” Correction
Shake Out The Crypto Market? If the same were to happen to Bitcoin,
price could fall below the 2017 low eventually, reaching $2,000 per
coin during any recession ahead – if it occurs. Many believe the
recession is already here, which is why the recent crypto selloff
has been so severe. If it isn’t, the market could recover to new
highs and while the market is blind, the recession could finally
creep in. Although the correction was especially severe, Google did
just fine | Source: NASDAQ-GOOGL on TradingView.com Ultimately, the
correction ended, and the primary uptrend continued higher. The
technical analysis methods used in the above charts is referred to
as Elliott Wave Theory. The study believes that all markets move in
the same wave patterns based on human emotion cycles, hence why the
same patterns could appear in two entirely different assets.
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https://t.co/Hi2WUPW22y pic.twitter.com/MKMTtjZYPa — Tony "The
Bull" Spilotro (@tonyspilotroBTC) June 17, 2022 Follow
@TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram
for exclusive daily market insights and technical analysis
education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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