Bitcoin! Alternative Long Term Trend Lines: $300k by 2023 ?!
Hi folks,
Here's the Weekly Log Chart from end of 2011 on BitStamp.
If we draw a trend line from the end of the 2011 bear market (2011 lows), we see how it perfectly acts as resistance as the market tried to recover for the first time in early 2015 (after the 2014 bear market). What's even more striking is that this same trend line acts as resistance at the very height of the 2017 Bull Market (around $20k). Quite mind blowing trendline actually!
Similarly... :
If we draw a trend line from the end of the 2015 bear market (2015 lows), we see how it perfectly acted as resistance as the market tried to recover last week for the first time in early 2019 (after the 2018 bear market). If we extend this trend line as above, we can see how this may potentially act as resistance at $300,000 at the top of the 2023 potential bull market.
Sure, this involves some speculation as past performance isn't always indicative of future price action, but this may well be a guide of Bitcoin's general bullish nature/trend in the coming 4 year cycle.
Feel free to let me know what you think in the comments below.
P.S. The yellow price movement is not accurate at all, just showing the general trend on the way to 2023 potential top.
Cheers,
Leb Crypto
Here's the Weekly Log Chart from end of 2011 on BitStamp.
If we draw a trend line from the end of the 2011 bear market (2011 lows), we see how it perfectly acts as resistance as the market tried to recover for the first time in early 2015 (after the 2014 bear market). What's even more striking is that this same trend line acts as resistance at the very height of the 2017 Bull Market (around $20k). Quite mind blowing trendline actually!
Similarly... :
If we draw a trend line from the end of the 2015 bear market (2015 lows), we see how it perfectly acted as resistance as the market tried to recover last week for the first time in early 2019 (after the 2018 bear market). If we extend this trend line as above, we can see how this may potentially act as resistance at $300,000 at the top of the 2023 potential bull market.
Sure, this involves some speculation as past performance isn't always indicative of future price action, but this may well be a guide of Bitcoin's general bullish nature/trend in the coming 4 year cycle.
Feel free to let me know what you think in the comments below.
P.S. The yellow price movement is not accurate at all, just showing the general trend on the way to 2023 potential top.
Cheers,
Leb Crypto