FredericMalta
Short

What to expect if Bitcoin keeps mimicking NASDAQ

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
So far, the resemblances between the NASDAQ crash and the current Bitcoin             crash are numerous:
- Disruptive technology in a speculative bubble.
- Typical bubble burst double top crash (other charts very similar are the Dow Jones crash of 1929, or the uranium chart more recently)
- Ocean of worthless copycats coins based on blockchain technology, surfing on the hype.
- Companies shares price quadrupling in 2 days after adding blockchain to their name (kodak), same as dotcom back then.
- People going into debt, selling their houses, to buy bitcoin             at the pic...

And then, chart wise se saw:

PRICE WISE
- A 50% bounce after a 70% correction (same as in nasdaq)

TIME WISE
- Number of days between 2 tops during nasdaq crash was 161 days
- Number of days between 2 tops during Bitcoin             crash was 21 days
- Ratio = 21/161 = 0.13
- Number of days between top and 70% correction in nasdaq: 378 days
- Estimated number of days between top and 70% correction in bitcoin: 0.13x378 = 49 days
- Real number of days between top and 70% correction in bitcoin:51 days ~ 49 days -> this method seems to indicate that we are following nasdaq not only for the correction scale in price, but also for the correction timing.

I expended this method to estimate, price and time wise, where the bitcoin             should be in the coming days/weeks if we keep following what the nasdaq did back in 2000, and you can see the result on the graph.

https://twitter.com/WorldwideBubble/status/959364857077354496
https://twitter.com/WorldwideBubble/status/961200341676109824





If we keep following nasdaq, the second bottom should be on 26/02 at 4580.
+1 Reply
A good idea! Continue to update!)
+1 Reply
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