Leb_Crypto
Long

$BTC to $60k EOY with blowoff top similar to 2017?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi everyone,

Seeing the powerful parabolic rise of this year, I decided to look at 2017 and try to extrapolate an idea. It's a wild idea, I get it, but it's nice to see for some perspective of how powerful this year's parabolic rise "could" be and how big of a crash we could expect if it does actually play out.

AB= April to Sept 2017
CD= Sept to Feb 2017

AB = CD in 2017 puts the target at $6.7k, which is the 78.6% fib retracement from ATH (blue line). That was Bitcoin's realistic target for EOY. However, Bitcoin being very parabolic in Q4 2017, it decides to go for a moon shot another 184% to the upside, prior to quickly going back down to consolidate upon its intended target of $6.7-6.8k (the 78.6% fib!)

Could the same AB = CD repeat for this year, given the similar powerful 2017ish parabolic rise we're seeing?
AB = Jan - June 2019
CD = June - Dec 2019

If so, we'll see Bitcoin reach just shy of $60,000 EOY, than plunge back down to the 78.6% fib at around $20.5k! This means that Bitcoin's previous ATH will actually become a strong support for the continued 2-3 year bull rally. We could also note that by that time, the NVT indicator will probably be flashing a big sell signal, justifying the 60-65% quick plunge from the $60k blowoff top.

Hope you enjoyed!

Cheers,
Leb Crypto
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