Bitcoin is currently in the middle of a very strong correction, with this week being the most volatile (bearish) week we've got since the May-21 correction. Yet, the correction might go even deeper.
It has become apparent that BTC is following a pattern that we've seen before in recent history. When you look closely you can clearly see that BTC is mimicking the stock market from 1997-2009.
A double top, correction, and reversal which was slightly deeper than the previous support, making a fake-out.
After this fake-out, a massive reversal took place, which stocks have been enjoying for over 13 years now.
This is a highly subjective analysis. For a start, the SP500 chart is based on monthly candles where the BTC chart is on weekly candles. Not saying that we're going to exactly follow this pattern, but it offers a decent long-term perspective nevertheless.
Is it some kind of joke I dont get ? Or you serious with comparing stock market chart from 1997 to 2012 on monthly time frame with Bitcoin in 2021 to 2022 on weekly time frame... I know you wrote in in description but you also wrote it offers a decent long-term perspective. But it doesnt. We cant just take 2 greatly different charts with different time frames and under diverse conditions of the market because its not market analysis anymore... It becomes casino.
UnknownUnicorn32021811
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Bruh this guy. Hes analyzing bitcoin price over a 1 year time period and comparing it to the S&P over a 15 year time period. This kids doing some astrology - please dont take his advice
panda955
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@huglue, different timeframes don't mean different situations though. The same graph can be replicated in different timeframes.
UnknownUnicorn32021811
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@panda955, that is true - but these are different timeframes on different graphs, with unrelated causes. If you want to make people think that just by playing spot the difference will make them money, go ahead. Patterns can be used but need to be backed up by other factors. This guy has is conning everyone by pretending he has spotted some 600 IQ technical analysis play. Might have as well slapped a photo of a wave in the ocean that looked similar instead of using a SPY graph.
panda955
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@huglue, hahaha well you are right. It is not backed by anything and even if the same situation is replicated it would be pure luck and for reasons unknown for this guy as there is no logical idea why there would be a new low fake out or a bounce after that. I agree with you.