a break below the logarithmic trendline usually means an extended period of consolidation/retracement, as we saw for most of 2018. i've projected that same pattern here which would bring us into january 2022 (**i have no basis for doing this, i just think it's fun**). i don't think we've fully broken down out of the trend yet, but we're awfully close.
some people like comparing this to the mid-bull market correction back in 2013, but i think it's harder to compare when the market cap is 300x what it was then. 2017 was more in the ballpark. obviously i don't think price will follow this exact pattern, but i do think it's reasonable to expect something similar unless bulls make some sort of miraculous recovery here (or the whales pull the strings).
in my mind, the real question is: which direction will price break after consolidation around $30k?
some people like comparing this to the mid-bull market correction back in 2013, but i think it's harder to compare when the market cap is 300x what it was then. 2017 was more in the ballpark. obviously i don't think price will follow this exact pattern, but i do think it's reasonable to expect something similar unless bulls make some sort of miraculous recovery here (or the whales pull the strings).
in my mind, the real question is: which direction will price break after consolidation around $30k?
Comment:
for reference: if you zoom out, you can see the origin of this white dotted trendline
