This is my first post ever, So as a reward to you guys I will explain the high probability as to why we are gonna reach 10000 real soon and then eventually 20000 in few months and beyond.
-Anyways Looking at the cryptocurrency market we know most coins have lost approximately 70 per cent of total value maybe even more in some cases and looking at bitcoin we can see that a full retracement of the fifth wave of the last bull market that occurred in nov/dec is nearly fully retraced to 100% which is a fibonacci number.
-What is more interesting is that the $5800 level hasn't been broken for a while, moreover it has been touched several times which indicates the significance and strength of this resistance.
-Furthermore, the fact that this was the starting point of the fifth wave of the uptrend indicates the significance of this price. So the conclusion is that we have a really high probability that the bear market is nearly done with the much lower also indicating that we are nearing the bear market. In my opinion its a matter of time till we get lift off, we might fluctuate in price for a little or there might not be any price action for a few weeks but in the end we will get lift off. It all depends on the demand for bitcoin and altcoins and crowd psychology.
In we try to increase the probabilities of success, so be open to further investigation and being able to adapt to the constantly changing market.
Check the graph you can see on the monthly chart that this bear market on the monthly chart shows up as a retracement, I have shown the Fibonacci levels and the decrease volume as price decreased and also used Elliott wave theory to show that we are about to finish wave 2 and begin wave 3 which is bullish