DeFeye

BITCOIN 165k before 22k!

Long
DeFeye Updated   
INDEX:BTCUSD   Bitcoin
Happy Sunday Everyone! πŸ˜ƒ

This is a mid to long-term bullish scenario for Bitcoin.

The Idea is simple, as you can see BTC has never fallen below the 200 Week SMA (black line), not even during black swan events like the start of the pandemic in 2020.

We can also see that after the previous ATH's in 2013 and in 2017, the price dropped roughly by an average of 85%.

The conclusion of this idea is that Bitcoin hasn't found the top yet as an 85% correction from the current 69k top would take us to about 10k and we would have to break the 200 week SMA which as previously mentioned, has never been broken.
Hence a result, to imitate the behaviour of Bitcoin during and after the ATH's in 2013 and 2017, BTC would have to rally to about 165k before dropping back down to the 200 week SMA roughly between 25k and 22k.

I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.

As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! πŸ˜ƒπŸ™

Happy Trading ✌β™₯πŸ“ˆ

Comment:
If we track it back to 2011 we get an average drop of 83% after each ATH, but for obvious reasons there is no 200 week SMA to track the support further back.
Comment:
Hey Everyone, I decided to make a video 🎬 to explain myself in more detail:

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