Bitcoin doesn't repeat, it rhymes!

28 ส.ค. 2018

If you look back to the trading path of Bitcoin since 2011, you will see an interesting trend starting to occur. Now I've seen various interpretations of this chart by other TA guys on here and I think some of them may be misinterpreting what is happening. Some have been drawing this chart with the $20,000 ATH back in December of 2017 as the TOP of the trading pattern but I think it is actually a continuation of the existing bull cycle similar to what happened back in 2013.

If Bitcoin were to mimic the retracement exactly, we would be looking for this current mini-rally to be a fake out and have BTC test the $4,900-$5,000 range.

You will see that Bitcoin has been moving in a similar manner. Both in percentage of gains and retracement. If we average out the time it takes for Bitcoin to do go through a consistent parabolic pump, Bitcoin would top out at around $97,000 by mid-January 2019.

If proven true, this would probably coincide with an assumption that an ETF would likely be approved in Sept. confirming a continued bull run. The approval/launch of the NYSE Bakkt platform in November would be the major igniter to accelerate Bitcoin into a hyper parabolic pump to new all time highs towards the end of the year.

28 ส.ค. 2018

บันทึก

I took a closer look into the timing in this post.