Bitcoin is currently closely following a pattern that it has produced twice throughout its history. Both of which were accumulation cycles that preceded a bull run. I have linked three charts here that I have made that showcase this historical behavior. The cycle plays out as follows:
Step 1: After the high was set at the end of a parabolic bull run, priced corrected sharply. A lower high was then made which I have pointed out. This lower high defined the top of the fib retracement of the bear market for me.
Step 2: The bear market ensued, and price eventually retraced and found a bottom. This bottom defined the low of the fib retracement level for me.
Step 3: Price retraced between the .618 and the .786 levels of the bear market fib retracement.
Step 4: Price corrected and closed close to the .382 level of the bear market retracement level, and to the .5 fib level of move from the defined bottom to the near .618 and .786 levels of the bear market retracement levels.
If bitcoin currently follows this historical behavior, then $8500 might be out last chance to buy bitcoin for a long time.
THIS IS NOT FINANCIAL ADVICE, just some random guy sharing his ideas with the community.
Bitcoin from 2018 to present.
Bitcoin from early 2014 to early 2017
Bitcoin in 2013:
Step 1: After the high was set at the end of a parabolic bull run, priced corrected sharply. A lower high was then made which I have pointed out. This lower high defined the top of the fib retracement of the bear market for me.
Step 2: The bear market ensued, and price eventually retraced and found a bottom. This bottom defined the low of the fib retracement level for me.
Step 3: Price retraced between the .618 and the .786 levels of the bear market fib retracement.
Step 4: Price corrected and closed close to the .382 level of the bear market retracement level, and to the .5 fib level of move from the defined bottom to the near .618 and .786 levels of the bear market retracement levels.
If bitcoin currently follows this historical behavior, then $8500 might be out last chance to buy bitcoin for a long time.
THIS IS NOT FINANCIAL ADVICE, just some random guy sharing his ideas with the community.
Bitcoin from 2018 to present.
Bitcoin from early 2014 to early 2017
Bitcoin in 2013: