This chart explains perfectly why Bitcoin "bottomed" at 3k and topped out at 13k. In Elliot wave theory, wave 5 is the longest wave with the lowest angle. If you look at wave 3 vs wave 1, with every bull run the angle is not as sharp. What happened is in November 2018. Bitcoin fell back in the previous uptrend channel and gained support because the angle is as I mentioned before, not as steep as the ones before. This is what caused the bear market rally. The price is now struggling for the third month to break above this channel and is unlikely to occur.