I just want to set all the confusion straight regarding Bitcoin's ranged price action since May. After each BTC Halving, the price always consolidated for several weeks before a bullish break-out from the range.
To put this into perspective, following Halving 1 (November 28, 2012), BTC consolidated for 6 weeks within a roughly 12% range. After Halving 2 (July 9, 2016), it consolidated for 16 weeks within a roughly 17% range (not counting the flash crash of August 1, 2016 which was quickly corrected back into range).
The obvious question, is how long will BTCUSD consolidate this time before the new bullish break-out? That is anybody's guess and largely depends upon the stability of the stock market, but if it repeats the post-Halving 2 sequence, then it can consolidate until September 2020. The Triangle pattern is helpful at putting the expected variation in perspective.
What is for sure, is that Bitcoin trading sideways after a Halving event is not strange but is the norm. We are still in the accumulation phase, so if you are a long-term Bitcoin investor don't lose sight of the bigger picture.
Do you agree that trading sideways right now is normal for BTC? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
lol fake news, btc wasnt in any economic collapse, so times are different now
Bannedhammr
⋅
@patrickfx, exactly. It's hard for people to grasp this thing happens. This is how it was designed. It was also designed to work as money in said collapse.Was introduced in last collapse. Where banks and business actually disappeared. They didn't give away helicopter money easy back then there was resistance. You haven't seen anything yet this thing will take years like last time. your prolly a millennial so i don't expect you to have been running a bussiness from the real start in 2006 (diesel 5% gallon) until the end about 2012. it was hell. lost nearly everything. .... Wait until you see a couple hundred bucks turn into a few thousand. Last time it happened i didn't buy bitcoin to invest. I bought it for silk road .That pump supplied my dope habit for a long time. a real long time. one moring on the radio i heard btc hit 17k. i was like,well shit i smoked all mine up when it hit 1k. LINK is just popping early. BTC will do the same. might take a year though.... have you not seen crazy gains already?
BoardSurfer
⋅
@charvey63, Amen brother. I'm 47 years old (wow time flies) and went through that hell from 2007 to '12, too. Been in BTC for a while now and I can say it's been good to me. I think we'll see some good action within this year with BTC. Right now I'm enjoying LINK from .45 to 8 bucks. No more trading for me, either- just gonna hold everything for 5 more years (or 20).
TradingShot
⋅
@BoardSurfer, Well done on catching the LINK wave. You certainly give meaning to your nickname! I caught the recent LINK breakout too:
TradingShot
⋅
@BoardSurfer, Take a look at my LINKBTC catch too:
patrickfx
⋅
@charvey63, nice troll, btc will CRASH, people dont invest money in digital coins, they want GOLD
thunderstrike
⋅
@patrickfx, Do you have any data or facts to back it up or are you another troll like Peter Sciff, who has been shitting his gold shilling since 2012 and trolling BTC, Infact even as experiemtn he would bought 1004 worth BTC in 2012, he would have made millions by now. BTW there is no comparison between BTC and GOLD.
TradingShot
⋅
@thunderstrike, Those are people that have missed on BTC's bull run every single time. They know they are missing out on the opportunity of a lifetime and just wish that no-one profits out of it.
ridwansadega.rs
⋅
@patrickfx, gold will CRASH too, nobody using gold as currency
TradingShot
⋅
@ridwansadega.rs, Would be a good idea to see what central banks are doing then.