Bitcoin/USD - We've Been Here Before

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a monthly logarithmic chart of Bitcoin going back to April, 2014. If you look at the run up in 2014, there was a similar skyrocket up near the end of 2014, which the bubble ultimately burst bottomed out around the 0.78 Fib line. Looking at 2017, using the same time frame (around a 5 month run up), we can see that if chart patterns mean anything and history repeats itself, if Bitcoin bottoms out near the 0.78 Fib line again using 2017 numbers, it would need to fall all the way to $6,000 before continuing up again.
Comment: Bitcoin hit target of $6,000 and rebounded.
Can you also look at 2013 pump. I think we may be at that stage like around June 2013 and the 2014 like pump is yet to come
But you also have to ask ourselves,is bitcoin and the crypto in the same infancy state as it was 3 years ago? Thanks for sharing your thoughts and analysis
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