Bitcoin has been ripping towards ATHs and looks set to break through soon. A huge factor in this has been institutional buying for recently approved ETFs, with demand outstripping supply.
On this chart I've drawn a simple channel, using the 2013 and 2017 highs and lows as the top and bottom points of the channel. Covid lows are outside the channel for obvious reasons.
Interestingly, the 2021 highs coincided with the midpoint of the channel.
I've duplicated that channel, and it can be seen that the more recent lows align exactly with the midpoint of the lower channel.
With all this in mind, it would be easy to make the assumption that the current move is a retest of the bottom of the higher channel.
If that theory holds true, an early May high (which may seem very early, but ties in with current "left translated cycle" theory) puts BTC at around $150k.
You can check the chart for a rough price estimate based on which month it tops out.
On this chart I've drawn a simple channel, using the 2013 and 2017 highs and lows as the top and bottom points of the channel. Covid lows are outside the channel for obvious reasons.
Interestingly, the 2021 highs coincided with the midpoint of the channel.
I've duplicated that channel, and it can be seen that the more recent lows align exactly with the midpoint of the lower channel.
With all this in mind, it would be easy to make the assumption that the current move is a retest of the bottom of the higher channel.
If that theory holds true, an early May high (which may seem very early, but ties in with current "left translated cycle" theory) puts BTC at around $150k.
You can check the chart for a rough price estimate based on which month it tops out.