Following a recent idea on how Bitcoin behaves after breaking an All Time High (ATH) level (following a major crash of more than -50%), I've extended my research and discovered the following occurrence.
Many people (and rightly so) compare the May correction (and subsequent consolidation of June-July) to the April - October 2013 sequence. That fractal occurred after a +737.50% rise since the breaking of the (former) $32 ATH. The rise that followed the breaking of the $268 ATH that peaked on the $1245 ATH was +364.55%, i.e. almost exactly 50% of the previous rise ($32 to $268). I indicate this as 'X/2', where 'X' represents the $32-$268 rise.
If the current ATH ($64900) break-out follows that 2013 fractal and the rise that has just started following the break of the $64900 ATH ends up at 50% of the (previous) rise of the $19800 ATH break to $64900, then the new ATH can be around $138500.
Is it too far fetched of a scenario to have such an occurrence indicate a Cycle Top that accurately? Let's see. Bitcoin has certainly shown that its historic pattern tend to repeat themselves.
So what do you think? Is Bitcoin ready to double in price? Feel free to share your work and let me know in the comments section!
@pleaseworkout, It's a high chance prediction. Of course I and a lot of good analysts could be wrong but other predictions use a lot less technical and fundamental analysis.
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So you expect this bull run to peak in the end of the year?