On the first chart, the $9000 mark has been hit purely based on a signal given by the similarities of Bitcoin's price action after its bottom to Gold's respective pattern and the buy signal it gave after the +33.50% bounce. See how smoothly Bitcoin's price action followed the projected pattern. On the second chart, see how weel the Golden Cross signaled the rise from $5500 to $8500.
So coming to today. BTC is close to reaching its 0.382 level from its All Time High ( ATH ). When Gold approached the 0.382 level, it consolidated, and then skyrocketed to the 0.618 Fibonacci in 490 days. That's +0.26% on the 1862 days it took from the bottom to just below 0.382. If we apply the same rate on Bitcoin's 161 day's (bottom to just below 0.382), the projection puts $13500 in 42 days!
Again I need to point out the obvious (for the record) on the different time frames as I have done on every BTC - Gold comparison to avoid comments that fail to see the fundamental point (viewing Bitcoin as a long term investment) behind such comparisons:
"The different time frames ( BTC on 1D/ Gold on 1W) shouldn't affect the conclusions derived as Bitcoin's life span is far shorter than Gold which has been used as a store of value for centuries. Moreover Bitcoin has been moving at a much faster pace since its invention, so the market psychology, dynamics etc have adapted to a much shorter time frame."
How accurate do you think such a comparison can be?
I welcome all opinions in the comments section! Like and subscribe if you enjoy the content!