Bitcoin Bull Markets compared. You have to see it to believe it!
Quick overview: In this post, we'll look at Bitcoin in the last bull market in 2017 to this bull market in 2021. I draw a Fibonacci from the top of the previous bull market to the bottom of the bear market.
The bull Market begins when we cross the green zone/ the 0.618 (the golden ratio.
There is significantly more strength in the break out of bitcoin in this bull market oppose to 2017. In 2017, on the way up we pull back to the 0.618, 0.786, and at the 1 ( Previous ATH). This time in 2020 we blew through all those levels with very few pullbacks.
In the 2017 and 2021 bull markets, the 1.618 has acted as support.
In 2017, after the pullback to the. 1.618, we moved shot up to the 3.618, and the 2.618 acted as support. If this same scenario happens that would mean BTC breaks to 63K, and new support would be 47K.
Since BTC hasn't had the same level of consolidation and higher market cap I'm looking for Price Targets of 52K-55K. Then a pullback to 47K.
Keep in mind, these two bull markets (BTC 2017 & 2021 look very similar. But there are big differences
-the market cap in bitcoin is much higher now, and therefore much more economic mass is needed to move it
-After we entered the bull market this time 2021 we broke right through the key Fib levels that acted as major support and resistance
-There is a significantly greater number of institutional investors as compared to the last bull market
Even with so many differences the similarities are uncanny and cannot be ignored!
In conclusion just like in history: History doesn't repeat, but it Rhymes. And Bitcoin is certainly spitting some Rhymes!
My prediction of Bitcoin hitting 90-100K in may of 2021 still looks roughly right. But if the bull market goes for longer then on the growth curve we'd move right, increasing the All-time high of this bull market cycle. ( You can check it out for yourself Trading view idea linked below "The cycles of Bitcoin")
Would love to hear everyone's feedback, and if you think I got something wrong call it out! Let's win together!
Keep Collecting crypto!!!!
-Josh Miller
The bull Market begins when we cross the green zone/ the 0.618 (the golden ratio.
There is significantly more strength in the break out of bitcoin in this bull market oppose to 2017. In 2017, on the way up we pull back to the 0.618, 0.786, and at the 1 ( Previous ATH). This time in 2020 we blew through all those levels with very few pullbacks.
In the 2017 and 2021 bull markets, the 1.618 has acted as support.
In 2017, after the pullback to the. 1.618, we moved shot up to the 3.618, and the 2.618 acted as support. If this same scenario happens that would mean BTC breaks to 63K, and new support would be 47K.
Since BTC hasn't had the same level of consolidation and higher market cap I'm looking for Price Targets of 52K-55K. Then a pullback to 47K.
Keep in mind, these two bull markets (BTC 2017 & 2021 look very similar. But there are big differences
-the market cap in bitcoin is much higher now, and therefore much more economic mass is needed to move it
-After we entered the bull market this time 2021 we broke right through the key Fib levels that acted as major support and resistance
-There is a significantly greater number of institutional investors as compared to the last bull market
Even with so many differences the similarities are uncanny and cannot be ignored!
In conclusion just like in history: History doesn't repeat, but it Rhymes. And Bitcoin is certainly spitting some Rhymes!
My prediction of Bitcoin hitting 90-100K in may of 2021 still looks roughly right. But if the bull market goes for longer then on the growth curve we'd move right, increasing the All-time high of this bull market cycle. ( You can check it out for yourself Trading view idea linked below "The cycles of Bitcoin")
Would love to hear everyone's feedback, and if you think I got something wrong call it out! Let's win together!
Keep Collecting crypto!!!!
-Josh Miller
Trade closed: target reached:
✅ Take Profit 1 - Target Reached - $47102.80💰
Trade closed: target reached:
Comment: Target reached:
✅ Take Profit 1 - $47,102.80💰
Take Profit 2 - $54972
Take Profit 3 - $63592
✅ Take Profit 1 - $47,102.80💰
Take Profit 2 - $54972
Take Profit 3 - $63592
