In this chart we compared our current bull market of 2020-2021 with the previous of 2016-2017 and
thereafter seeing noticeable trend rally pattern, separated the rally into two phases for better analysis.
From the chart we could see that in the first phase of the rally of 2016-17, after bitcoin surpassed ATH at $1000
we had a first pump as every asset does to create new highs at about $1300 thereafter followed by a correction of -30%
down to $900+ which ended the first phase of the rally and a rebound of +60% to about $1400 which started the next phase of the rally
In the present rally of 2020-21 we can see lots of similarities when viewed and compared.
After we broke previous ATH of $20,000, bitcoin continued to rally and it lingered more than expected before
a healthy correction, recently we experienced about -25% correction from new highs of $42,000 to about $30,000
which was long overdue although i was expecting a 30% minimum..
At this point i believe we just ended the first phase of the Bull Market and about entering the next phase.
If my analysis pose to be right, a clear indication for the start of the Second Phase of the Bull Market
would be a full 60% rebound which should set the price at about $46,000 thereafter we will experience
a slow and consistent growth for the next 8-10 months before we max out.
Who knows, at the end of the rally we just might find stability.
In my previous chart i forecasted we will see $20,000 before year end 2020 and $30,000 by January 2021
--and both happened.
My expectations for a new Peak ATH is still by Autumn/Winter 2021.
Do share your thoughts and let me know what you think.
it would require most institutions to pull out their crypto to cause FUD for a sell off to any level below 30k.
my expectations are set for 2021 year end