The prior idea A Tale of Two Bitcoin Forks (beware the Ides of March) (linked below) had the sub-major 3 and 4 waves too early (the 5th wave was longer which is not allowed). Also by employing the log-scaled Fib retracement for the 61.8% retracement threshold for wave 2 for the Terminal impulse, I was able to remove the bifurcation of the two posited Bitcoin forks (legacy and non-legacy). Those two forks are currently only soft-forked until the legacy miners decide to donate some ANYONECANSPEND Bitcoins (i.e. those addresses that don’t begin with 1 such as those that begin with a 3 or bc1) to themselves, so then the non-legacy miners will refuse to that block and hard fork — at which point everyone will receive the non-legacy tokens as a free airdrop at their market price at that juncture which of course is income taxable not capital gains! Yikes.
All those who were hodling in non-legacy addresses have in effect donated their legacy Bitcoins to the legacy miners because the non-legacy addresses are ANYONECANSPEND in the legacy protocol.
Note it appears that there will be a horrible economic crash in 2023. May have something to do with Republicans retaking majority of the U.S. Congress but not enough to override a POTUS veto, with Biden or Kamala Harris vetoing everything perhaps resulting in government shutdown.
Here’s what this chart looked like for me when I created it…
Note
Also note this outcome although still very dangerous, is much less horrific of an outcome for humanity than the prior idea A Tale of Two Bitcoin Forks (beware the Ides of March).
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.