Bigsky_Crypto

Bigsky_Crypto

At the low yesterday, the price of Bitcoin was down a little over 27% from the all-time high in March. In previous bull market cycles, we have seen many corrections of 30% or more. As was the case in past cycle corrections, we are seeing a lot of panic selling. Another issue is being in over leveraged positions and getting stopped out during...

Bigsky_Crypto

There has been a lot of speculation that this current Bitcoin market cycle could end as a left translated cycle. This is most likely because Bitcoin surpassed the previous all-time high almost 1 month before the halving. This is the first time in Bitcoins short history that has happened. But, does this alone indicate that this will be an accelerated market cycle?...

Bigsky_Crypto

Since the begining of March BTC has been consolidating in a range from approximately $60k to just over $70k. A year earlier BTC also entered a consolidation phase in March with the price of BTC ranging from about 25K to just over $30k. The consolidation lasted about seven months with BTC finally breaking out in mid-October 2023. After exiting the consolidation...

Bigsky_Crypto

I created this chart mostly out of boredom. I'm not sure that it has any value or that we can learn anything from it. Each 4-year period starts at the previous bear market low. You can see that the first market cycle is abbreviated, so there is a large overlap of the first 4-year period into the second 4-year period. The overlap continues to shrink in the...

Bigsky_Crypto

Obviously, I don't have a crystal ball, however, just for fun I have estimated what the timing of this current market cycle may look like. I haven't made any predictions on the chart as far as the peak price or the price of the next bottom. Although, if the trend of diminishing returns continues I would expect a peak between $80k and $90k. If that trend is broken...

Bigsky_Crypto

I want to start by saying that I realize BTC is looking very bullish right now. But with all the difficulty it is having getting and staying above $38k, I feel that this could lead to a pullback. At a minimum, a short-term pullback and worst case a pullback lasting several weeks or more. I could be wrong and BTC could just keep moving higher, but I want to keep...

Bigsky_Crypto

I am once again publishing this Bitcoin chart (3-day time frame) showing the entire price history, and just how closely the last two cycles matched as far as the elapsed time between events. The reason for publishing it again is that I have added another event (when a new all-time high was hit). I then measured the elapsed time from each bear market bottom to...

Bigsky_Crypto Updated 

This is just a fun chart to highlight the timing of the last two market cycles mainly. When comparing the timing from one bottom to the next (which I consider a market cycle) you can see how close the last two cycles have been. Also, when you compare the timing between the different events - Bottom to Halving - Halving to Peak - and Peak to Bottom, the timing is...

Bigsky_Crypto

If BTC experiences another 80% drop in the percentage gain from the bear market low to the bull market peak, that would result in about a 422% increase for the next bull market. In U.S. dollar terms, that would equate to an approximate value peak of $80k for the next bull market. Of course, nothing says that this trend has to continue. There are only two data...

Bigsky_Crypto Updated 

I have felt for a while that the bear market low would be much lower than the June 18th low. The previous two bear market lows were both down approximately 85% from their peaks. A similar percentage drop for this bear market would lower the price of Bitcoin to between $10k and $11k. I'm not convinced the price will go that low, but I could see a bottom around...

Bigsky_Crypto Updated 

There is a Cup and Handle Pattern forming on the 1-hour time frame. A breakout is possible in the next 6 to 12 hours, but a lot will depend on how Bitcoin performs. If there is another significant Bitcoin pullback, a breakout most likely will not materialize.

Bigsky_Crypto

The parabolic curve pattern DXY has been forming for over 16 months was broken on October 21st. DXY bounced at the 109.53 level and now appears to be retesting the curve. I see the following support levels if DXY is rejected at the curve. 1) At the previous bounce level (109.53) 2) Near the 105 level. 3) Near the 101 level. Thoughts: ...

Bigsky_Crypto

This is my bearish scenario for Bitcoin in the short to medium term (Long-term, I remain bullish ). In my opinion, it looks like BTC has been forming a descending triangle since the June 18th low. Even though it looks as though BTC has broken out to the upside, I believe there is a possibility that this could be a false breakout. If this is a false breakout and...

Bigsky_Crypto Updated 

Analysis was done in the 30-minute time frame. The percentage for dumps or pumps was for the first 30 minutes after the data release.

Bigsky_Crypto

Is it possible that since the June collapse Bitcoin has been forming a descending triangle? Could we see a repeat of November 2018 when the price of Bitcoin finally broke down from the descending triangle it was forming and dropped about 50 percent? That drop ultimately formed the bear market bottom. How strange would it be to see a similar scenario play out in...

Bigsky_Crypto

I am hopeful that bitcoin could be at a reversal point. I am seeing a nice bounce off of the daily 50 EMA which acted as support and a reversal point during the last 2 pullbacks. Also, this would be a beautiful bounce off of the 0.618 FIB level. I'm watching for a strong close to this daily candle and then follow through to the upside. Also, BTC still has the 4...

Bigsky_Crypto

I am really hoping that bitcoins daily pattern isn't really a parabolic arc (or curve) pattern. From what I have read they do not end well, as they tend to have significant corrections of 62–79% of its price rise (from the top). I'm not trying to be all doom and gloom, just looking at all possibilities On the bright side, a touch of the parabolic curve has...

Bigsky_Crypto Updated 

I'm seeing a repeating pattern in bitcoins price action. This chart is the 4 hour time frame but I also see a similar pattern on the daily which spanned the whole month of August. The pattern consists of three peaks that form a sort of dome pattern with the highest peak in the middle. As this latest pattern completes I am wondering whether it will also conclude...