Let's delve into the world of cryptocurrency analytics and conduct a deep analysis of patterns in the Bitcoin market. At the core of this investigation lies the fundamental theory of cyclicality, which is a fundamental part of its dynamics.
We'll conduct a retrospective analysis of the past decades and focus on three main π markets. It's clear that each upswing is accompanied by unique characteristics, but there's a key pattern: as we approach peak points, price corrections are observed, often ranging from 20-30%. But then comes a period of rapid growth, leading to significant gains, up to 200% and more.
Target: $170,000. This figure isn't just a numerical abstraction; it's rather a point reflecting a legendary moment in Bitcoin's history based on the theory of cyclicality. Achieving this price could be a landmark event indicating market evolution and its powerful trends.
As everyone can see, the 2020 cycle stood out as an anomaly, in terms of market structure. The phase you highlight in grey showed a large subwave swing, resulting in the double peak of Primary degree wave three and wave five. This structure was undoubtedly forced by the COVID crash, which pulled the rug from an already initiated bull market in the Spring before the halving in May. It created an abnormally deep wave two, upsetting the internal fractal βrhythmβ of the market, and eventually diminishing the power of wave three and five. Many analysts expected 96000 or so out of that period, which never materialized. We should not expect this again this time around, I think. We should expect full power in wave three.
AleksDu
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@unbeldi, Indeed, the year 2020 proved to be extremely challenging for the market, and your analysis accurately reflects this situation. The COVID-19 crisis significantly impacted market dynamics, disrupting the usual 'rhythm' and creating anomalies. It is justified to expect events such as the crisis to influence market behavior. Indeed, it is reasonable to anticipate a full restoration of power in the third wave, considering our experience from last year. Thank you for your insightful analysis and knowledge sharing.
unbeldi
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Well done. 100 k by halving time, and 170 was my original target for year end. But lately I think that is too small, based on the price development lately.
Snoopy5582
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@unbeldi, I still don't think it'll go much higher than 170k. It's using up all its steam/acceleration now, getting people to FOMO in, and I expect a spikey bull trap at the very top. By the time we know it was the top, we'll already be halfway down.
@Snoopy5582, thatβs just emotional guessing. How do you quantify βsteamβ etc. The public is not much involved in Bitcoin yet, so there is little fomo, crypto trends run long, and there is no sign of parabolic behavior so far. What do you mean it is using something up right now? Its price is increasing, and in order to get to higher levels it has to go through all price levels. It canβt just skip.
AleksDu
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@unbeldi, Yes, I agree with you. I outlined a conservative scenario
MyCryptoParadise_Nathan
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wow, those are huge targets, in the short term i am expecting 72K
@MyCryptoParadise_Nathan, short term you can expect anything 3-4 k higher, any time. Thatβs just normal almost daily fluctuation at these price levels.