The bull run is just getting started, I still see people calling for $4000, or lower, prices based on ETF getting rejected. While the news definitely carries some weight when it comes to the Bitcoin market, it is not the main determining factor for price. It can definitely be a catalyst but in general the market tends to follow its path. If you go back and look at the 2013-2014 crash you'll see it look eerily similar to the one we're currently in.
That being said, everything seems to point to us currently starting the next bull run, and if it's anything like that last one, it's going to be massive. If you look at the chart you'll see I've used a bar chart pattern from the 2013-2014 crash and then bull run to illustrate where we're likely heading. The purple chart showing exactly what the 2013-2014 market cycle ended up doing after experiencing a similar massive drop in price to what we're currently experiencing. Keep in mind that back then they didn't have the added bonus of just about every major institution jumping on board the Bitcoin bandwagon. Despite that, you can see the major price run up they experienced. We're just a month away from Bakkt launching their physical futures, and we're going to have Fidelity and others launch early next year. All those things together point to a looming bull run.
Someone once said history often doesn't repeat itself, but it does rhyme. With that in mind this chart isn't an exact map of where I think the price will go, but an approximation. If you would've followed the 2013-2014 crash as a guide to this crash, so far you would've been, in general, right every time about the big moves up and down with the scale and length of each move differing. So use this as a rough map of where we're going.
Lastly you can zoom out on the chart to see how high we could potentially go based off old crash chart.
That being said, everything seems to point to us currently starting the next bull run, and if it's anything like that last one, it's going to be massive. If you look at the chart you'll see I've used a bar chart pattern from the 2013-2014 crash and then bull run to illustrate where we're likely heading. The purple chart showing exactly what the 2013-2014 market cycle ended up doing after experiencing a similar massive drop in price to what we're currently experiencing. Keep in mind that back then they didn't have the added bonus of just about every major institution jumping on board the Bitcoin bandwagon. Despite that, you can see the major price run up they experienced. We're just a month away from Bakkt launching their physical futures, and we're going to have Fidelity and others launch early next year. All those things together point to a looming bull run.
Someone once said history often doesn't repeat itself, but it does rhyme. With that in mind this chart isn't an exact map of where I think the price will go, but an approximation. If you would've followed the 2013-2014 crash as a guide to this crash, so far you would've been, in general, right every time about the big moves up and down with the scale and length of each move differing. So use this as a rough map of where we're going.
Lastly you can zoom out on the chart to see how high we could potentially go based off old crash chart.
Comment:
So far so good, the ETF decision is going to play into what happens this week. If approved I think we’ll see a massive move higher, is not then possibly a slight move lower or possibly no reaction at all. At this point I don’t think anyone has any expectation that any of the previous 5 rejected etf’s are going to be approved. Lots of hope but little expectation which should keep the price stable if they’re denied.