(chart info: weekly candles, log scale)
We are long term bullish on Bitcoin but the current correction can continue until we find a bottom.
In order to have an idea of BTCs future price and a possible bottom, we project BTCs price pattern from 2013 to 2017 into the next two years, see overlayed pink pattern in the price chart. Since the current price correction...
Chart is self explanatory. The pattern is taken from the recent rising wedge in the left (see pink rectangle ). The pattern perfectly fits the trend lines of the current rising wedge and of a potential price channel .
After breaking the red triangle line, many people are too confident that BTCs price will dump further. The herd is bearish and many people are shorting BTC. Betting on a short here is as risky as betting on a long when BTCs price was 20k.
As you can see in the chart, we are still in a descending wedge which is known to be bullish.