Using fib timing on the RSI, log growth curves, range levels and channels we can estimate the longterm path of BTC. First we notice two rejection off the upper band of the long-term log curve which signify a move to the lower bands of the log curve.
It seems that BTC peaks between 0.618 and 75% of a fib cycle on the RSI, projecting the next peak should be around Jan 2025. BTC at that time should be between 320k and 220K. the 3rd multiple of the 2017 to 2020 range is 270k.
Historically the bottoms of BTC were always around the 44% of the monthly RSI, this will correspond to the 0.618 fib extension and the midband support of the log curve at 24.6k. the 3rd fib cycle bottom is on September 2022. September is historically a bearish month.
It seems that BTC peaks between 0.618 and 75% of a fib cycle on the RSI, projecting the next peak should be around Jan 2025. BTC at that time should be between 320k and 220K. the 3rd multiple of the 2017 to 2020 range is 270k.
Historically the bottoms of BTC were always around the 44% of the monthly RSI, this will correspond to the 0.618 fib extension and the midband support of the log curve at 24.6k. the 3rd fib cycle bottom is on September 2022. September is historically a bearish month.
Comment:
Channel midline reached, 24.2K more likely, but this quick drop might mean RSI might drop lower than 44% by September. Very bearish price action, complete carnage.
Comment:
BTC might have bottomed, but a significant bear market rally and a black swan are still in the cards.
