nicholasilechie

$400K BITCOIN - PHASE TWO BULL MARKET RALLY

Long
BITMEX:XBT   Bitcoin / U.S. Dollar Index
Hey traders hope you all been great, its been a while i shared my charts as i'd been on winter vacation.
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.

Comments

Really nice! I think this too. But I feel like there's enough room to go further down to 40% correction, like the old times moves to 20k-24k.
Reply
@jhoanfred, One cannot deny the thoughts but i dont think much of that deep 40%.... not until we break through to 46k the possibility for a 30% from previous high is still very possible that would take us to $29k..
it would require most institutions to pull out their crypto to cause FUD for a sell off to any level below 30k.
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Nice! Big question, why in your TA 400k appears by 2023? Don’t we supposed to enter the next beer market by then? Thanks!
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nicholasilechie CryptoBitcoinFunk
@CryptoBitcoinFunk, ooh that only appeared there to make chart clearer due to writeups and drawing tools..
my expectations are set for 2021 year end
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nicholasilechie nicholasilechie
@nicholasilechie, the TA graph tools with percentage change has nothing to do with the timeframe
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