InvestingScope

BTC: Is this how it makes the transition to the new bull market?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We have been bullish on Bitcoin since it made its low in December where we called a bottom on the 2018 bear cycle. What we have been trying to determine since is the pattern which BTC will follow as it transitions from the bear cycle to the new bull market and new ATH (All Time Highs). All of the suggested models follow the parabolic curve, which we recently named "Store of Value Curve", and with the help of the Halvings, tried to determine the intermediate phases that will lead to the new bull cycle.

10 days before the recent rise, we attempted to explain "why there is no better opportunity to buy Bitcoin than now".

Following Tuesday's aggressive rise, we are after a pattern that will keep Bitcoin bullish but on a steady pace. As seen on the 1D chart, the recent price spike is identical (so far) in growth % with the spike that took the price from the 3,200 December low (and market bottom) to the 4,380 Resistance, which kept Bitcoin contained within an Ascending Triangle for 3 months. The rejection on the 4,380 Resistance was followed by a -22% pull back that made the first Higher Low of the Ascending Triangle .

We expect that a potential rejection from the current high, will result in a similar pull back and quite possible a new Triangle. The estimated support should be around 4,150.

Note that this is not a suggestion for short-term shorting now that the uptrend is on its early stages. This is merely intended to provide new buy entry points for long-term investors who wish to accumulate Bitcoin during the accumulation/ distribution phase we're in with a long term mindset of selling on peaks as the new bull market unfolds. As long term Bitcoin investors ourselves, we continue to buy those dips since we called December's low a market bottom.


See below a similar study done in November, projecting the market bottom and the transition period discussed on the current analysis:



Why there is no better opportunity to buy Bitcoin than now:



The parabolic curve study:



Bitcoin's Halvings and Phases:

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