• Bitcoin price has invalidated a widely held macroeconomic thesis.
• Ethereum price is not as severely damaged as other cryptocurrencies.
• XRP price could bounce towards $0.60 before another collapse.

Bitcoin, Ethereum and XRP price display evidence of decorrelation as all assets begin depicting a different narrative.

Bitcoin price needs an alternative wave count

Bitcoin price has invalidated the widely held macro thesis amongst professional Elliot Wave traders. On Wednesday, May 11th, the bears managed to push the price below $28,800, forcing an end to the notorious Bitcoin Triangle thesis. Now that the initial macro thesis has been breached, an alternate count must be drawn up to forecast possible price action for the Bitcoin price.

Bitcoin price remains bullish on monthly and yearly charts. The volume indicator indicated the current sell-off as more of a corrective move with less volume relative to the 2020 and 2021 Bitcoin bull rallies. Thus, alternate counts for Bitcoin price could still forecast long-term targets well above $100,000 in the future. Still, readers are asked to please wait for an updated macro count as more evidence from the market will help depict a definitive narrative for the future Bitcoin price.

BTC/USD 1-Week Chart

Currently, the invalidation for the macro thesis lies at $14,000 but is subject to change once a new thesis is drawn up in the weeks to come. If the bears can breach $14,000, the entire uptrend scenario will be void with less than a 1% chance to see new all-time highs, while the bears could very well sweep pandemic lows at $6,000, resulting in an 80% dip from the current Bitcoin price.

Ethereum price is less damaged from a macro…