This is only a fun idea I mapped out to look back upon if BTC replicates the retracements and extensions of 2017: To be more confident that something will repeat you usually wait for some type of confirmation such as the first two points matching. By this standard I have taken a premature leap for the fun of it.
During the run up to the last ATH of $20,000 , BTC first had to break past its previous ATH of $1,100. However, when it first reached previous ATH it was met with a 0.318 retracement to its low.
Once the retracement was complete, it went to perform a perfect 3.618 extension to $5,000. It then retraced 0.318 again before extending 3.618 again.
Today, BTC has again reached its previous ATH . If history were to repeat itself, a 0.318 retracement to its low of $3,100 would take it to approx $13,600. This would also happen to take us back the summer 2019 top - not a crazy place to tap before continuing up.
If this retracement down to $13,600 were to happen, as well as the other moves from the 2017 run. It would lead to a top of approx $265,000. I also wouldn't factor out a blow off top of around 10% (i.e. $25,000).
During the run up to the last ATH of $20,000 , BTC first had to break past its previous ATH of $1,100. However, when it first reached previous ATH it was met with a 0.318 retracement to its low.
Once the retracement was complete, it went to perform a perfect 3.618 extension to $5,000. It then retraced 0.318 again before extending 3.618 again.
Today, BTC has again reached its previous ATH . If history were to repeat itself, a 0.318 retracement to its low of $3,100 would take it to approx $13,600. This would also happen to take us back the summer 2019 top - not a crazy place to tap before continuing up.
If this retracement down to $13,600 were to happen, as well as the other moves from the 2017 run. It would lead to a top of approx $265,000. I also wouldn't factor out a blow off top of around 10% (i.e. $25,000).