Fibs show 240k in 2025 unless a violent move up
This whole analysis takes it for granted that we are not in the old log channel, but that it as gotten flatter since 2017.
There are tips for saving with crypto in newspapers, we had TWO altcoin pumps (DOGE pumped twice to 44000% during bitcoin first run-up and has been declining since, getting money into the market for the second wave for alts like FTM, SOL, LUNA with the most insane returns etc.). Boomers are buying crypto heavily and its becoming the new "cool thing". Coincidentally, the volume is declining. Historically this has been the time to offload heavy for the composite man.
I drew fib-trend from the initial correction in 2017 - 2018. The top we just had coincides perfectly with the uppermost fib level, which indicates that the move up is in fact completed (unless there is a violation to the upside, a white swan).
I then drew a fib-trend from April 2021 to the bottom in the summer of 2021 to check for corrective targets and 9 - 10.8k is the ultimate bottom which coincides with the breakout in 2020 which was not retested.
This is just one out of a million possibilities but fibs are fascinating.
There are tips for saving with crypto in newspapers, we had TWO altcoin pumps (DOGE pumped twice to 44000% during bitcoin first run-up and has been declining since, getting money into the market for the second wave for alts like FTM, SOL, LUNA with the most insane returns etc.). Boomers are buying crypto heavily and its becoming the new "cool thing". Coincidentally, the volume is declining. Historically this has been the time to offload heavy for the composite man.
I drew fib-trend from the initial correction in 2017 - 2018. The top we just had coincides perfectly with the uppermost fib level, which indicates that the move up is in fact completed (unless there is a violation to the upside, a white swan).
I then drew a fib-trend from April 2021 to the bottom in the summer of 2021 to check for corrective targets and 9 - 10.8k is the ultimate bottom which coincides with the breakout in 2020 which was not retested.
This is just one out of a million possibilities but fibs are fascinating.
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Interestingly, that would give us a perfect 85% correction.
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Tone Vays is bullish
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Also this schematic fits very well with the next halving in 2024 where there might be a new uptrend.
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Psychologically this is the time when its hardest to let go. Meaning that alot of people probably panic sold in May, bought back in and finally the bull run is back on. Another argument for an extended downtrend to exhaust holders.
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It would be brutal if we went back to the roaring 20s.
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I think its quite obvious that market structure is broken now and that most alts that have pumped will absolutely get crushed. Some alts are keeping up and have the possibility to reclaim MAs on the daily and weekly when BTC takes a break in between the dumping.