louisville51

is 230k possible? Thoughts?

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
These trend lines are nothing new just wanted to point out some things I have been looking at.

On the weekly chart I took a measured move from the highest price point on the peak of the first RSI top to the highest price point of the peak of the second RSI top of the 2014 bull run = 575%
I did the same for the 2018 bull run and it was 576%. More confluence between the two is that the first top of the RSI peak turned out to be the following bear market support on both cycles, a drop of about 85%.

So I took a average of the time period between the two peaks 31 weeks and extrapolated from the current first peak up to the red resistance line. It was not 576% but still much higher then I am expecting this bull run to go, 470% and a price point of about 230k! its a extremely Exuberant prediction I know, but what do you think?

I have mainly been looking at the bitcoin log growth curves which give a rough top of 120k for the same time period. I feel this is much more realistic as a top and will be what I am keeping a eye on the most. Something else is telling me that this ridiculous 230k top is not out of the question though...

Comments

My "old one" from 2018 says "yes, it is possible"

+2 Reply
louisville51 Crypto-Coin-Trader
@Crypto-Coin-Trader wow nice projection. Nailed it. I remember there were not many people calling a drop below 6k at that point. So far on track 💪🏼
+1 Reply
@louisville51, yeah i know, at that time so many believe that the bottom was in. This alone plus the fact, that we didn´t reach the 200 week ma, was enough for me to be relative sure about a coming drop.
Reply
Possible, but not guaranteed. Also, watch out for inner-cycle (a top here than one bigger later) scenario.
+1 Reply
@goraxes_ yea nice, that would definitely catch a few people off guard. I was expecting this at this recent weekly rsi high. It Could still happen i guess 👍
+1 Reply
Nice! Yes I also agree with your idea and narrative. Great charting. Thanks for sharing.
+1 Reply
i agree, 230 may be realistic...
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter