I believe that Bitcoin (chart on the right) is aiming to replace gold (chart on the left) as it is quite literally the same concept as it (a limited resource that acts as currency). If you look at these 2 charts using a logarithmic chart you will undoubtedly see a resemblance between the 2. I theorize that Bitcoin has been rising at an exponential rate just to catch up to golds current state. The patterns bitcoin have made are extremely identical to golds, the only difference being the time it took for each pattern to form. If both of these currencies end up at the target of $700 then it will confirm my theory.
Currently Gold and Bitcoin are bouncing off of extremely important fib levels and if they continue to move in the way depicted in the charts then they will most likely repeat their past pattern formations (referencing the smaller Elliot wave cycles I have drawn in the charts past data).
I believe however that after they each hit their respective bearish targets that they will then follow up with new all time highs.
Currently Gold and Bitcoin are bouncing off of extremely important fib levels and if they continue to move in the way depicted in the charts then they will most likely repeat their past pattern formations (referencing the smaller Elliot wave cycles I have drawn in the charts past data).
I believe however that after they each hit their respective bearish targets that they will then follow up with new all time highs.