If you’re a big believer that bitcoins past performance can be used as a template for future performance then continue reading. Otherwise, this prediction will be a waste of your time.
You can see BTC hit an all time high end of 2017 and neared it in 2019 after a significant down trend.
Consider the significantly larger adoption now compared to then with institutional money coming in. Furthermore, consider the general idea among retail investors that when it drops, it will eventually go back up, unless shit really hits the fan, which it doesn't seem like it will considering the numerous catalysts over the past couple of years.
This would lead to shorter down trend periods with more money waiting on the sidelines for the down trend to end and more confidence in the market. We know this, just clarifying here.
Therefore, we can consider the two recently touched tops last year equivalent to those neared in 2017 and 2019.
You can see after nearing the ATHs of 2017 and 2019, BTC neared its major support twice around 3.5k. Now consider how last year, BTC found a major support around 30k and recently came close to it.
Notice how the RSIs and MACDs between the 2017-2019 period and 2021-2022 period are similar as well.
Right around this point in the cycle in 2019, BTC spiked over the course of a few months. Considering our significantly shorter market cycles, I believe this will happen again, very soon.
Of course, all of this is just a prediction based on the general market performance in the past. I believe price action in the long term can provide a fairly accurate overview of the repeated market psychology in a niche such as BTC or cryptocurrencies in general.
You can see BTC hit an all time high end of 2017 and neared it in 2019 after a significant down trend.
Consider the significantly larger adoption now compared to then with institutional money coming in. Furthermore, consider the general idea among retail investors that when it drops, it will eventually go back up, unless shit really hits the fan, which it doesn't seem like it will considering the numerous catalysts over the past couple of years.
This would lead to shorter down trend periods with more money waiting on the sidelines for the down trend to end and more confidence in the market. We know this, just clarifying here.
Therefore, we can consider the two recently touched tops last year equivalent to those neared in 2017 and 2019.
You can see after nearing the ATHs of 2017 and 2019, BTC neared its major support twice around 3.5k. Now consider how last year, BTC found a major support around 30k and recently came close to it.
Notice how the RSIs and MACDs between the 2017-2019 period and 2021-2022 period are similar as well.
Right around this point in the cycle in 2019, BTC spiked over the course of a few months. Considering our significantly shorter market cycles, I believe this will happen again, very soon.
Of course, all of this is just a prediction based on the general market performance in the past. I believe price action in the long term can provide a fairly accurate overview of the repeated market psychology in a niche such as BTC or cryptocurrencies in general.