From a technical point of view, it is seen that Bitcoin making its 4th boom-bust cycle move.
The black line I drew on the logarithmic chart has been acting as support and resistance regularly since 2012.
The past 3 boom-bust cycle patterns have been applied to the cycle that we’re in right now.
The Yellow line is between 2012-2014; The blue line is between 2018-2021; The green line represents the boom-bust cycle from 2014-2021.
In my personal opinion and when I look at the support that Bitcoin found at the $16500 level, I think the scenario will be like the Blue line.
The black line I drew on the logarithmic chart has been acting as support and resistance regularly since 2012.
The past 3 boom-bust cycle patterns have been applied to the cycle that we’re in right now.
The Yellow line is between 2012-2014; The blue line is between 2018-2021; The green line represents the boom-bust cycle from 2014-2021.
In my personal opinion and when I look at the support that Bitcoin found at the $16500 level, I think the scenario will be like the Blue line.