The last time this occurred the Bitcoin price rose another 60% the following weeks. Coupled with a weekly close above the 618 and very strong on-chain fundamentals BTC could very well be going to previous ATH levels and beyond
As you can see we've broken out of the first Inverse Head and Shoulders pattern and are currently trying to break the neckline of the second. In case we break out it could be a very violent move, first target at 63.8k
Raise your hand if you're with me
PS. This is a fractal starting in September 2017 all the way to the ATH of 19k in December 2017. Put into context, that would result in a $270k target blow off top for the current cycle
Btc is back in the descending channel that started on the 16k top, so we'll continue waiting for the market to choose a direction
Bonus: Bitcoin breakout out of the Ascending Channel (April 2020 till Last Week) is now confirmed since we bounced and closed above
There's already a lot of speculation about the future price of bitcoin, but this analysis provides us with an estimate of when to expect bitcoin to top out.
Up until now, the time span of each Bull Market is one year longer than the preceding one.
The first one is 1 year, the second 2 years and the third 3 years.
Currently, we are in the 4th cycle.
Using this...
This is my first idea!
Notice how the first cycle (from bottom to top) takes one year, the second one 2 years and so on.
Using that logic, my guess is that the current one (the 4th cycle) would take 4 years.
That means the next top could be somewhere near November 2022 (2 years after this cycle's bottom, Nov 2018) at 160k USD
Comment what you think about it and...
