Before I go into some details, take a look at how similar they look. Here are the noticeable things that stick out to me:
1. High near the bottom of BTC , similar to the we got on ETH
2. 81% decline on BTC from the high. 88% decline on ETH!
3. The topping pattern was really similar and the rebound was also eerily close. Different levels, but very close.
4. Time. ETH did this cycle in 322 Days, compared to BTC’s 476 days.
What does it all mean?
If we gauge the BTC 2014 chart, it would mean ETH has bottomed. This is it. Once we break this gold we will go higher. But, in comparing it to BTC , how quickly does that move take place? If we compare it to 2014 BTC , it took 11 months for BTC to go from 200 to roughly 500. Knowing that ETH uses a compressed time scale (as shown in the cart above) and if we follow a similar scale, it would be safe to assume that we will go to 500 in at least 6 months or less. These comparisons are weighing 2014 BTC to the current market conditions. However, things are now very different, we have cross pairs, more crypto, lots of development, etc…
Personally, I tend to think the bottom is in Ethereum and that we will start moving in October, once this Friday has come and gone with and the new Ethereum upgrade rolls out. In my opinion I think it will take far less time to hit 500. But this is crypto, we know is volatile and does it’s own thing and it could go down more.
The question is. Does Ethereum base out and move as high as Bitcoin has gone? Up to 6k? Do we move sideways? Personally, I have laddered in my buys to hodl on to Ethereum for the next wave up.
What makes you think six months from 200-500 and not one or two? We one month blasted in Nov '17, Dec '17, and April '18.
I think the perma-bulls must already be broke after all these shakeouts, so they don't really matter. And many whales are usually bears, since shorting is better business than longing for last past months :) Many became permabears, so it's their turn to be robbed of their money, when they'll short big resistances and MM shoots up anyway.