I`ve been in this market for 5 years now, and ive seen this bullrun before ! So therefore we should ask ourselves - when will the trend reverse ?
1. The 31st of Aug 2017 the marketcap was approx 160 B, and at the start of Jan. 2018 it peaked at approx 760 B before the reverse kicked in. This gives an 475% increase from August 2017 - Jan. 2018.
2. If we use the same pattern and go from 31st of Aug. 2020 the cap was at 400 B, and now at the start of Feb. 2021 we just hit 1400 B. If we use the 475% bullincrease we should reach approx 1900 B before we see a bearish trend . That will let BTC go too aprox 60 000 and to ETH 2500.
3. There will always be differences between 2017 and 2021 - adoption by big coorporations and more Institutional money, new traders ( RH ), Reddit / Elon Musk and The Doge Hype. But at the end of the day people generally wants to take profit, and when enough people do - and we eventually go into a profitsqueeze the tide will turn yet again !
What do the people of tradingview think of this poor but real analysis ? - Comments are very much welcome !
- Sometimes we got to zoom out on the charts to see the bigger picture -
I was watching charts and doing some numbers, and I came up with pretty much same numbers before seeing this.
Basically another slight increase for btc, bringing it up to approx 60k, with just below 55% btc dominanace and whole crypto market cap at 1,8T - 1,9T.
And my guess would be a nice 40 to 55% pullback when targets are reached and finding support on previous resistance. Whole market at around 1T and BTC at 30k
Van_Geld
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@kikaps92, Thank you for commenting on this idea! The hype is real - and whenever it is a hype and not a steady increase over time, the bagholders that comes in late will pay. These cryptoprices goes way to fast to be sustainable in the near future, but only time will tell if were right !? :) Have a nice saturday !
bbrsguvercin
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Some real talking, here. I've been trying to figure out if this is a cup pattern or a double bottom.
I know that not all movements should follow the patterns, but hey if it fits then why not :)
Basically another slight increase for btc, bringing it up to approx 60k, with just below 55% btc dominanace and whole crypto market cap at 1,8T - 1,9T.
And my guess would be a nice 40 to 55% pullback when targets are reached and finding support on previous resistance. Whole market at around 1T and BTC at 30k