Bitcoin Prediction: 63.000$ followed by a massive market crash
Due to a rules violation, I need to repost this idea. However, those who have already read the idea know that so far it is going exactly as predicted (the dashed lines represent the predicted price movement at the time the original analysis was published):
BTC is apparently in the process of forming another top formation. More specifically, the current price structure is very similar to the one from March to May this year.
The chart illustrates the similar structure that the current price action shows with the top from March to May this year. Points 7 and 10 are to be emphasized.
At point 7, only a slightly higher high was formed than at point 1, which was already a sign that the market lacked the strength to form a noticeably higher high. In a Wyckoff distribution phase, this is also referred to as an UTAD event. More common is the term bull trap.
At point 10, the first major sign of weakness became apparent in that a lower low had formed in the short to medium term trend. In other words, this clearly signaled that any further upward movement should be taken with a grain of salt.
In fact, we could see the construction of a final minor distribution phase from late April to mid-May. After that, the Bitcoin price made its previously signaled weakness apparent to every market participant.
Of course, the similarity shown above is no guarantee that the events of that time will repeat themselves to the same extent or even in the same way. However, for me personally, the parallels are too striking to ignore.
Particularly striking to me for the underlying weakness in the market are point 7, where only an imperceptible higher high has formed, and the suggestion that we are currently in the process of forming point 10 in the current structure. In any case, the Bitcoin price has already formed a lower low in the short to medium term trend, revealing another strong sign of weakness. And what is the saying?
History doesn't repeat but it rhymes.
But let's get to the key point of my Bitcoin price forecast. What can we expect in December and beyond, if indeed events will repeat in a similar fashion?
The formation over time from point 1 to 10 took about 44 days in the middle of the year. In the current structure, about 38 days have already passed. So, since the temporal formation is currently very similar to the one back then, it can be assumed that we will see a steep price increase this week, or next week at the latest, which will turn the market into green numbers all over the board in December.
In May, the Bitcoin price has risen approximately to the previous price levels of point 3 and 5. This price increase was just under 30% from the low in point 10 to the high in the distribution phase of May.
If we apply this movement to the current setup, we would expect the Bitcoin price to rise to $63,000 to $64,000 in December.
From its renewed high in May, the Bitcoin price corrected by 50% in less than two weeks before moving into a new accumulation phase.
In such a scenario, I would not be surprised if the price of BTC fell back to $40,000 and possibly below for a short while.
Accordingly, the Bitcoin price forecast is that we will see between $63,000 to $64,000 in December before a sharp sell-off over the turn of the year or in the month of January at the latest. A fundamental trigger could certainly be found with ease due to the global situation.
That is, of course, only if the events of that time will actually repeat themselves and I am correct in my assumption that the Bitcoin price will form another top structure here. In the case of a distribution phase like the one in May, with this scenario in mind, we will definitely be able to spot the signs early on.
Therefore, don't forget to follow me in order not to miss further updates on the bitcoin price.
BTC is apparently in the process of forming another top formation. More specifically, the current price structure is very similar to the one from March to May this year.
The chart illustrates the similar structure that the current price action shows with the top from March to May this year. Points 7 and 10 are to be emphasized.
At point 7, only a slightly higher high was formed than at point 1, which was already a sign that the market lacked the strength to form a noticeably higher high. In a Wyckoff distribution phase, this is also referred to as an UTAD event. More common is the term bull trap.
At point 10, the first major sign of weakness became apparent in that a lower low had formed in the short to medium term trend. In other words, this clearly signaled that any further upward movement should be taken with a grain of salt.
In fact, we could see the construction of a final minor distribution phase from late April to mid-May. After that, the Bitcoin price made its previously signaled weakness apparent to every market participant.
Of course, the similarity shown above is no guarantee that the events of that time will repeat themselves to the same extent or even in the same way. However, for me personally, the parallels are too striking to ignore.
Particularly striking to me for the underlying weakness in the market are point 7, where only an imperceptible higher high has formed, and the suggestion that we are currently in the process of forming point 10 in the current structure. In any case, the Bitcoin price has already formed a lower low in the short to medium term trend, revealing another strong sign of weakness. And what is the saying?
History doesn't repeat but it rhymes.
But let's get to the key point of my Bitcoin price forecast. What can we expect in December and beyond, if indeed events will repeat in a similar fashion?
The formation over time from point 1 to 10 took about 44 days in the middle of the year. In the current structure, about 38 days have already passed. So, since the temporal formation is currently very similar to the one back then, it can be assumed that we will see a steep price increase this week, or next week at the latest, which will turn the market into green numbers all over the board in December.
In May, the Bitcoin price has risen approximately to the previous price levels of point 3 and 5. This price increase was just under 30% from the low in point 10 to the high in the distribution phase of May.
If we apply this movement to the current setup, we would expect the Bitcoin price to rise to $63,000 to $64,000 in December.
From its renewed high in May, the Bitcoin price corrected by 50% in less than two weeks before moving into a new accumulation phase.
In such a scenario, I would not be surprised if the price of BTC fell back to $40,000 and possibly below for a short while.
Accordingly, the Bitcoin price forecast is that we will see between $63,000 to $64,000 in December before a sharp sell-off over the turn of the year or in the month of January at the latest. A fundamental trigger could certainly be found with ease due to the global situation.
That is, of course, only if the events of that time will actually repeat themselves and I am correct in my assumption that the Bitcoin price will form another top structure here. In the case of a distribution phase like the one in May, with this scenario in mind, we will definitely be able to spot the signs early on.
Therefore, don't forget to follow me in order not to miss further updates on the bitcoin price.