Since the current crash is the 2nd largest one in bitcoin history behind Mt. Gox. there is no better comparison to the current situation than Mt. Gox. It would be quite bizarre for all of this to suddenly come to an end after bouncing from 6400 Just as it was in Mt. Gox crash, I expect bitcoin to hit the true bottom and move sideways for a long time before gradually going up. As for the final bottom, I'm expecting sideways movement between 4k and 6k.
I think the chart speaks for itself. I've marked the comparable spots with blue stars
P.S. A few things I've taken into account 1) The current progression seems to be about 2x faster 2) The upcoming G20 announcement and the resulting FUD in June, July
your chart starts 10 months in or so from 2014 but 4 months now. that doesnt make sense
deliciouspodo
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@renkcub, @renkcub, yes that is the first thing I mentioned in the postscript. I adjusted the fractals accordingly!
friso.wallet
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This is getting pretty interesting atm
friso.wallet
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@friso.wallet, But let's face it. After Mt. Gox, there were very few who believed in the actual application of BTC. Now, NASDAQ starting an exchange & institutional money is gradually flowing in. One day we'll look back to these volatile times as the most turbulent trading times of our lives. Once the big boys start to believe in the perfect hedge of bitcoin vs stock market..volume will be getting closer to Gold in (>7-10..years?). I believe that mt. gox crash is the right on to compare it with in the downtrend. I don't believe btc trading will be as calm as the aftermath of mt.gox after this crash.
deliciouspodo
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@friso.wallet, I think it's safe to say that BTC has deviated from the fractal. I am frankly clueless as to whether BTC has hit the bottom or not.
If we do break the 7200 area, I would say there's a good chance BTC will make a new low
IttyBitty
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Indeed, I've noticed this as well and expect similar.