If we look into history, similar parabolic bull-run after the bear market happened in 2015.
If the current situation was the same and percentages were preserved (circa 126% up, 36% retrace), the current parabolic run would top at 7020 (which we perfectly touched today) and retrace somewhere to the region of 4500 before continuation. Obviously, volume is not the same (smaller in current run) and it's only a fractal, so this may not play out. But you know, as they say, the history doesn't repeat, but it often rhymes. :) It's my first idea here on TV and observation which may come in handy - let me know how you find it! Cheers.
I strongly believe that We will get at least one more time to buy bitcoin below $5000 before the next bull season! Let's see how it goes!
phenixity
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@CryptoEngineering Thank you very much for checking my (now most likely debunked haha) analysis and for your comment!
This run-up has been brutal and as such, I expect a very significant pushback on price, simply as a strong reaction to the strong upward action. NOTHING ever goes only up. After all, even in previous bull-markets, price tended to temporarily retrace 25%+, only to later continue higher up. I think such retraces are very healthy and necessary for sustainability of long-term bulltrends. The fact that there was literally no cool down now makes this run-up extremely sketchy, along with fundamental issues the such as Bitfinex/Tether situation. The scenario you suggest would be really nice, let's see!
Have a nice day!
CryptoEngineering
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@phenixity, The patterns do repeat themselves -- and with good reason. The stock market is governed by a set of two principles: supply and demand ; and fear and greed. Both are based on human nature, and human nature doesn't change and you know it, dude. Good luck on your trade.