Each Bitcoin boom has ended in about 85% draw down in 2014 and in 2017. Right now the drawdown is at 75% for the 2021 cycle. If we see a similar drawdown of 85% it will be at around ~10000. My guess is that will not happen and that our current 75% draw down is what we will get this cycle but if we get a drawdown to the low teens I'll be backing up the money truck.
Each Bitcoin ATH to cycle low has been 89 weeks and 52 weeks respectively. If this is the current cycle's low then that puts it at 61 weeks as marked on the chart, which is between 89 and 52. If the boom and bust cycles continue due to the halvings I'm betting this is the bottom.
Each Bitcoin previous ATH to breaking that ATH is marked on the chart. They are 168 weeks and 154 weeks respectively. If we take the average of that we can expect this cycle to take 161 weeks to work out. This puts it around May of 2024 right around the current predicted halving date.
RSI is slated for a breakout around the end of the year - we could see a mini cycle like we did in the summer of 2019 after this break.
My current prediction is that this is the time to be aggressively dollar cost averaging. I will be buying each week until my powder is dry and if we complete an 85% drawdown I will be going all in.
Each Bitcoin ATH to cycle low has been 89 weeks and 52 weeks respectively. If this is the current cycle's low then that puts it at 61 weeks as marked on the chart, which is between 89 and 52. If the boom and bust cycles continue due to the halvings I'm betting this is the bottom.
Each Bitcoin previous ATH to breaking that ATH is marked on the chart. They are 168 weeks and 154 weeks respectively. If we take the average of that we can expect this cycle to take 161 weeks to work out. This puts it around May of 2024 right around the current predicted halving date.
RSI is slated for a breakout around the end of the year - we could see a mini cycle like we did in the summer of 2019 after this break.
My current prediction is that this is the time to be aggressively dollar cost averaging. I will be buying each week until my powder is dry and if we complete an 85% drawdown I will be going all in.
Comment:
Theory continues to play out, still DCAing
Comment:
RSI broke out of downtrend, broke ichimoku on daily, think we're in for summer of 2019 redo. Looking more and more like 15k was the bottom.
Comment:
Touchted ATH but quickly rejected, sideways action into halving expected. If missed the rise up, DCAing doesn't seem the worst.
Trade closed: target reached:
Hit ATH about 10 weeks before planned. ggs
Enjoy the ride (:
Enjoy the ride (: