Bitcoin has recently failed all bearish indicators since its run from $4,200. Looking back at bitcoin's growth in the past, it would not follow to continue to make new highs without some type of correction. If our price predictions are 100k+ int he next few years, I expect bitcoin to make its way there in a healthy manner so we do not experience an -85% bear market like this last one.
As shown in the chart Bitcoin has grown 150% in around 2 months with little to no correction. This does not seem right for an asset that is being institutionalized. There is an evident double top around $8,200, which Is bearish. The golden ratio of an estimated 60% retracement lines up pretty well with Bitcoin's uptrend line.
Trade safe because this market is at a very indecisive point.
As shown in the chart Bitcoin has grown 150% in around 2 months with little to no correction. This does not seem right for an asset that is being institutionalized. There is an evident double top around $8,200, which Is bearish. The golden ratio of an estimated 60% retracement lines up pretty well with Bitcoin's uptrend line.
Trade safe because this market is at a very indecisive point.
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