Bitcoin (BTCUSD) has broken aggressively above January's Highs and hasn't been that high since November 2021! The December - January consolidation is history and what technically follows consolidation periods are phases of strong trends. We can in fact gain remarkable insight by comparing BTC's bullish run since the November 2021 market bottom to the runs of 2020/21 and 2015/16.
As you can see on these 1W time-frame charts, all periods share common characteristics. They all started with a strong Channel Down that formed the market bottom and then consolidated for the first time within a Triangle after they broke above the 1W MA50 (blue trend-line). After a rally, the 2nd consolidation took place (red arc), which then paved the way for a more aggressive rally. Based on this pattern, it would appear that Bitcoin could be at the start of such a rally.
The only charactestic that is not common on all three is that in 2023/24 and 2015/16 we had a Bullish Cross between the 1D MA50 and the 1W MA100 (green trend-line) after the Triangle consolidation, while during 2020/21 that took place much earlier due to the Libra euphoria.
In any case, all phases have a Higher Lows trend-line which was respected and held during the two past Cycles. On the current one, that gives a downside range at around 35k, which is practically the 1W MA50. Also notice how the 1W RSI negated any potential for a Bearish Divergence by crossing above Lower Highs. That is the same RSI pattern that emerged after each red Arc consolidation that led into the rallies.
As long as those hold, could it mean that Bitcoin has started a very aggressive wave that will break to new All Time Highs (ATH) in a matter of weeks, possibly by the time of the Halving?
Feel free to let us know in the comments section below!
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
BTC is way overbought doubled in price im 12months the halving is months away so looks like this is the temp top down to 30k and then between 100-300k.Etf pushed this higher than exptected so i would not get to existed just yet.
CBKWahoo
⋅
Appears to be heading in that general direction, making the exact run up as in 2021. GBTC chart also could confirm this thought looks to be forming those similar wyckoff mounds.
Joe9T
⋅
70-75 drops like it’s hot huge maybe could be might do 🤷♂️
Setupsfx_
⋅
Well analysed and detailed analysis, possible btc can create all time high. The way price has shown the bullish behaviour. It is very likely that it can create all time high.
MyCryptoParadise_Nathan
⋅
Your analysis provides a detailed comparison of BTC's historical price movements and identifies common patterns across different market cycles.