If you've been tracking my previous analysis, you'll notice that after the break above $50,400, a particular scenario unfolded, leading us to our current position.
Here are some key points to consider:
In each cycle following Bitcoin's significant bottom, it tends to experience a 3x to 4x increase before undergoing a correction.
Bitcoin typically tests its highest 2 monthly close in every cycle before initiating a correction.
In my view, the current profits are satisfactory. However, it's worth noting that March historically tends to be negative, potentially resulting in the red candle I mentioned. I foresee a potential peak around $63,695. Consequently, I'll be securing profits to invest in my preferred altcoins.
More update after monthly close in 2 days
Previous update:
Here are some key points to consider:
In each cycle following Bitcoin's significant bottom, it tends to experience a 3x to 4x increase before undergoing a correction.
- Notably, with each successive cycle, the magnitude of the pump tends to diminish.
- For instance, during the 2012 bull run, Bitcoin surged by 700%, attributed partly to its novelty and smaller market capitalization.
- In 2015, following its bottom, Bitcoin experienced a 387% increase.
- By 2019, this figure had reduced to 343%.
- And in the current cycle (2023/2024), we've observed a 303% increase thus far.
Bitcoin typically tests its highest 2 monthly close in every cycle before initiating a correction.
- During the 2019 cycle, a rapid 4x surge occurred within three months, leading to a prolonged correction lasting nearly a year due to the absence of a solid foundation.
- In 2015, Bitcoin took almost a year to test its highest two monthly closes, indicating a steadier ascent. Before Bitcoin broke its all-time high, a minor correction ensued, marked by a two-month period of red candles.
- The current cycle (2023/2024) mirrors a similar pattern, with Bitcoin taking roughly a year to reach its current level.
In my view, the current profits are satisfactory. However, it's worth noting that March historically tends to be negative, potentially resulting in the red candle I mentioned. I foresee a potential peak around $63,695. Consequently, I'll be securing profits to invest in my preferred altcoins.
More update after monthly close in 2 days
Previous update:
