Brief explantation of this fractal:
Sept 2014 - Nov 2015 was the first BTC broke under the moving average ribbon. This resulted in a 420 day bear market.
June 2016 - Aug 2016 - Bitcoin slowly swung out of the bear market and rallied until it met resistance @ $786 which lead to a 40% correction, signaling a short term top
*Note: The short term top at $786 took about 210 days to get retested*
Dec 2016 - Very shortly after, $786 Bitcoin tested it's previous all time high @ $1183, and continued up.
January 2017 - Dec 2017: After BTC broke above previous highs, we spent in 343 days in a bull market rallying over 2500% from $1183 - $19,954.
Where we are now: I correlate this recent price movement to the June 2016- August 2016 scenario. So far we have corrected 43% after swinging out of the bear market.
What's next: If Bitcoin follows a similar trajectory (and as long as 7.7k isn't breached) I believe it'll take about 200~ days (January 2020) to retest the short term top at $13,900. Breaking up would give us an instant push to 20k and new highs.
I believe Bitcoin will reach a generational top at $250,000 by 2022. From there, a slow bleed and dried up volatility.
Sept 2014 - Nov 2015 was the first BTC broke under the moving average ribbon. This resulted in a 420 day bear market.
June 2016 - Aug 2016 - Bitcoin slowly swung out of the bear market and rallied until it met resistance @ $786 which lead to a 40% correction, signaling a short term top
*Note: The short term top at $786 took about 210 days to get retested*
Dec 2016 - Very shortly after, $786 Bitcoin tested it's previous all time high @ $1183, and continued up.
January 2017 - Dec 2017: After BTC broke above previous highs, we spent in 343 days in a bull market rallying over 2500% from $1183 - $19,954.
Where we are now: I correlate this recent price movement to the June 2016- August 2016 scenario. So far we have corrected 43% after swinging out of the bear market.
What's next: If Bitcoin follows a similar trajectory (and as long as 7.7k isn't breached) I believe it'll take about 200~ days (January 2020) to retest the short term top at $13,900. Breaking up would give us an instant push to 20k and new highs.
I believe Bitcoin will reach a generational top at $250,000 by 2022. From there, a slow bleed and dried up volatility.