In this analysis I want to compare the start of the previous two bull-cycles with the current one. Specifically, I want to look at the Fibonacci retracements drawn on the chart.
During the start of the bull-runs, the 0.618 (light blue) Fibonacci retracement has always played a key role. First, the price has always rejected once from the 0.618 area once (red arrows). However, the second time that the price reaches the 0.618 Fibonacci retracement it has always broken through.
This break out has always started a new bull-run with new all-time highs. If history will repeat, we can expect that BTC is going to see a few very bullish months ahead and will make new all-time highs in the near future.
Do you think that this is the bull-run that we've been waiting for? Share your thoughts🙏
During the start of the bull-runs, the 0.618 (light blue) Fibonacci retracement has always played a key role. First, the price has always rejected once from the 0.618 area once (red arrows). However, the second time that the price reaches the 0.618 Fibonacci retracement it has always broken through.
This break out has always started a new bull-run with new all-time highs. If history will repeat, we can expect that BTC is going to see a few very bullish months ahead and will make new all-time highs in the near future.
Do you think that this is the bull-run that we've been waiting for? Share your thoughts🙏
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