I've been posting about this channel since December and predicted 50K March 1 by following the channel I mapped out, which you can see clearly on the graph.
• In the Jan crash, bitcoin fell from $41,800 to $28,800, a 31% drop.
• In the Feb crash, bitcoin fell from $58,300 to $44,200, a 24% drop.
I think this is the beginning of a trend. As bitcoin bull run accelerates, the drops get smaller, as in all bull runs. My guess is next correction will be 15%-20%.
Anything 44-50 is a buy. You may get lucky with a hail mary buy at 40K but I doubt it. Dominant psych is to put buy orders in at 41/42/43 to beat the fool with the order at 40K.
In last dip, many crypto "excerpts" were saying it would dip to 24K, implying a 43% drop. The reasoning for this was this is what it had done in the past. But they failed to recognize the bull run we were in.
• In the Jan crash, bitcoin fell from $41,800 to $28,800, a 31% drop.
• In the Feb crash, bitcoin fell from $58,300 to $44,200, a 24% drop.
I think this is the beginning of a trend. As bitcoin bull run accelerates, the drops get smaller, as in all bull runs. My guess is next correction will be 15%-20%.
Anything 44-50 is a buy. You may get lucky with a hail mary buy at 40K but I doubt it. Dominant psych is to put buy orders in at 41/42/43 to beat the fool with the order at 40K.
In last dip, many crypto "excerpts" were saying it would dip to 24K, implying a 43% drop. The reasoning for this was this is what it had done in the past. But they failed to recognize the bull run we were in.
Comment:
Also note the ascending cup and handle (if it recovers to 55)