The purpose of the chart is to illustrate how price forms in fractals; and how exponential parabolic bubble curves, usually decline a Fibonacci 78.6% of value when they burst.
This happens on all time scales whether hours, days, weeks, months, years or decades.
Here is a blind test with price and time scales removed. It illustrates how the same patterns occur on very different price and timescales.
Two charts ended in a speculator crash losing 80% in value, and one isn't done yet. Can you tell which is Bitcoin, and which is Nasdaq, and which is a random stock called Pulte Group ?:
The description is in polish, but lines are marking potential "high" of total market cap, and potential range of correction, where it's going to (about 166-180B $ market cap).
ukmartyn
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If you are going to use the Nasdaq, to make a fair comparison it would be better to use the total cryptocurrency market cap.
UnknownUnicorn121770
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Let's look at BTCUSD monthly, shall we:
UnknownUnicorn121770
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@TomPip, Non log (lol)
mmmp12
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@TomPip, Why lol?
It completly shows the same pattern as from 2014...
I know there was MT.gox etc, but in the end - correction of BTC then was inevitable, as it is now imo.
Especially, as such cases as tether would implode on the market.
Logarithmic scale is non-sense, it always shows, that's "healthy" uptrend, when it isn't.
scontent-waw1-1.xx.fbcdn.net/v/t31.0-8/27164704_1554130358015659_1252017364179825214_o.jpg?oh=129d847f126f0eb2d212628286c45562&oe=5AE409A5
scontent-waw1-1.xx.fbcdn.net/v/t31.0-8/27164638_1554130451348983_6347524531333896049_o.jpg?oh=5033d8dadf5b8a32d4d2940419c1737e&oe=5AE8CD75
The description is in polish, but lines are marking potential "high" of total market cap, and potential range of correction, where it's going to (about 166-180B $ market cap).