BITCOIN Early August will trigger a massive rally!

Bitcoin (BTCUSD) has established itself above the 1W MA50 (blue trend-line) making steady Higher Highs since the start of the year and on the week of August 07 2023 is about to complete 60 weeks since the 1W RSI bottom (the Bear Cycle's technical bottom if it wasn't for November's FTX crash).

In the last two Cycles, the 60 week mark from the RSI bottom, triggered the start of a strong rally (green Channel Up) that reached +359% from the Cycle's bottom. Every Cycle can be viewed as an Ascending Triangle with the Top/ Resistance starting from the Bear Cycle's first Lower High. On the 2014/ 2015 Cycle the Resistance was at +300%. In 2019 the +359% mark was reached much earlier due to the Libra euphoria. Also the sudden collapse exactly after the 60 week completion was due to the March 2020 COVID crash, a non-technical irregularity. The Channel Up started shortly after regardless, harmonizing the patterns, right when the 1W MA50 was regained.

Notice how even the 1W RSI sequences look similar with each other, with the Lower Highs trend-line standing out.

In any case on the current Cycle, the +359% mark matches exactly the $69800 All Time High (ATH), while a +300% rise sets a Target at $63000. One thing looks certain based on this model, that the 60 week count is almost up and in August we can see the start of a new rally towards this target zone. Scale your buys accordingly!

Buy what do you think? Are you expecting BTC to follow this pattern of the previous Cycles or have a different projection in mind? Feel free to let us know in the comments section below!

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