Here are two possible routes for bitcoin:
V Shape Recovery (Grey Bar Pattern)
The Covid crash of March 2020 saw a price crash 55% and took about 70days to recover . I have taken the bar pattern from the first leg of the bull run to show a possible path for bitcoin , now historically the final leg of a bitcoin bull run has a huge momentum increase so it's highly unlikely that we get the same momentum from the first leg mirrored to the final run up.
Slow Recovery (Purple Bar Pattern)
This second option shows a much longer recovery. This path seems more likely to me at this point but things change very quickly. If we start closing daily candles under 0.618 Fib level then I see this playing out. I have added the bar pattern of the final run up of the 2017 cycle just to give an idea how things could play out since right now the 2017 cycle and 2021 cycle are playing out very closely so far.
I really think that the end of this bull run will be something similar like what happened this month , there won't be a blow of top scenario like other cycles because everyone is expecting something like that to happen and when everyone is looking at the same thing bitcoin tends to do the opposite. I have narrowed the cycle peak somewhere from October to December 2021 check out my previous TA.
V Shape Recovery (Grey Bar Pattern)
The Covid crash of March 2020 saw a price crash 55% and took about 70days to recover . I have taken the bar pattern from the first leg of the bull run to show a possible path for bitcoin , now historically the final leg of a bitcoin bull run has a huge momentum increase so it's highly unlikely that we get the same momentum from the first leg mirrored to the final run up.
Slow Recovery (Purple Bar Pattern)
This second option shows a much longer recovery. This path seems more likely to me at this point but things change very quickly. If we start closing daily candles under 0.618 Fib level then I see this playing out. I have added the bar pattern of the final run up of the 2017 cycle just to give an idea how things could play out since right now the 2017 cycle and 2021 cycle are playing out very closely so far.
I really think that the end of this bull run will be something similar like what happened this month , there won't be a blow of top scenario like other cycles because everyone is expecting something like that to happen and when everyone is looking at the same thing bitcoin tends to do the opposite. I have narrowed the cycle peak somewhere from October to December 2021 check out my previous TA.
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