BTC in sync with previous cycles, bears to stay for now
Capturing the major bull runs from 2017, 2019 and 2021 in one overview.
Comparing these cycles, the bearish phase consistently shows two major support zones. After confirmed death cross in previous cycles, the price broke the 1st support and found support at the lower support. When translating to the current price action, there is an important support at 24k Euro. If the death cross is confirmed, I am expecting further downside action towards the second support zone at 13k Euro at which I am expecting long term bullish sentiment to develop again.
This analysis suggests that price will NOT reach ATH again in 2021, but rather continue bearish and only in 2022 find itself going back up.
Of course, this year has seen institutional involvement more than ever, so it will be interesting to see whether BTC will find solid ground earlier than expected. Let me know what you think.
Comparing these cycles, the bearish phase consistently shows two major support zones. After confirmed death cross in previous cycles, the price broke the 1st support and found support at the lower support. When translating to the current price action, there is an important support at 24k Euro. If the death cross is confirmed, I am expecting further downside action towards the second support zone at 13k Euro at which I am expecting long term bullish sentiment to develop again.
This analysis suggests that price will NOT reach ATH again in 2021, but rather continue bearish and only in 2022 find itself going back up.
Of course, this year has seen institutional involvement more than ever, so it will be interesting to see whether BTC will find solid ground earlier than expected. Let me know what you think.
Comment:
Death cross nearly reached. There will likely be several bounces of the 24k support and short term bullish movement to max 34k, with decreasing lower highs until price breaks down.