Taking a look at Bitcoin's price history, I noticed a repeating 9-step pattern that the current price action has been following since it peaked in 2017. The key points to take away from this is that the final point 9 ends around the height of the previous bull run (point 1). If BTC maintains a rate of growth decay (-5.5x its previous run) for its next bull run, Bitcoin has the potential to hit $250,000 which also coincides with the top of the channel. The pattern timeline was following to the previous run precisely up to (point 7 June 2022), but I believe the FTX collapse which caused us to dip below previous channel support (yellow) delayed us some. I think we will have one more leg down if we haven't completed our 9th leg. But once we do, it's off to the races!
Let me know your thoughts below.
Cheers!
Let me know your thoughts below.
Cheers!