A lot of interesting things going on here.
Bitcoin tops are marked as green.
Bottoms as pink.
Halvenings as gold.
The time in between tops increased by 70% or 600 days longer which would estimate the next top 2around 2500 days from the previous top, this would be around Dec 2024. Making it the 3rd December top.
If counting from bottom to top, estimates put the next bottom to top on Feb 2023.
Previous tops and bottoms have formed very interesting supports lines, see gold trendlines. We bounced off one of those lines on the recent flash crash.
The purple trendline can be used for target estimates, using date estimates that put us at somewhere around $500000.
A break of the red trendlines would mark the bottom of the bar market, but there is no way of knowing for sure until after the facts. Thus, dotted lines.
More important for a bullish confirmation, is the blue pivotal lines that marked the end of the previous bear markets. We are currently battling to reclaim the $6000 level on the weekly. A monthly close above said level or preferably $7171 would mark the end of the bear market most definitively.
I think we will form a bottom in the $3-6k area, as it is void of volume, during April month before we move up after the halvening in May.
Bottom targets of $1-2k are possible as previous top offer horizontal and diagonal support, but not realistic for now.
Bitcoin tops are marked as green.
Bottoms as pink.
Halvenings as gold.
The time in between tops increased by 70% or 600 days longer which would estimate the next top 2around 2500 days from the previous top, this would be around Dec 2024. Making it the 3rd December top.
If counting from bottom to top, estimates put the next bottom to top on Feb 2023.
Previous tops and bottoms have formed very interesting supports lines, see gold trendlines. We bounced off one of those lines on the recent flash crash.
The purple trendline can be used for target estimates, using date estimates that put us at somewhere around $500000.
A break of the red trendlines would mark the bottom of the bar market, but there is no way of knowing for sure until after the facts. Thus, dotted lines.
More important for a bullish confirmation, is the blue pivotal lines that marked the end of the previous bear markets. We are currently battling to reclaim the $6000 level on the weekly. A monthly close above said level or preferably $7171 would mark the end of the bear market most definitively.
I think we will form a bottom in the $3-6k area, as it is void of volume, during April month before we move up after the halvening in May.
Bottom targets of $1-2k are possible as previous top offer horizontal and diagonal support, but not realistic for now.
