OK so here's my big BITCOIN prediction, for the record.
Looking at the monthly chart on log scale, I think the similarity of the retracement from Nov 13 and Dec 17 highs is really markedly similar. In both cases the price retraces to an amount closely approaching the 88.6% fib level. Notably also from a time sequence perspective the cycles have tightened slightly and we could expect the next time for the cycle to be shorter again by the same ratios. The rest is written on the chart!
Lets see how it looks in a couple of years.
Looking at the monthly chart on log scale, I think the similarity of the retracement from Nov 13 and Dec 17 highs is really markedly similar. In both cases the price retraces to an amount closely approaching the 88.6% fib level. Notably also from a time sequence perspective the cycles have tightened slightly and we could expect the next time for the cycle to be shorter again by the same ratios. The rest is written on the chart!
Lets see how it looks in a couple of years.
Note
A couple of years have passed and this still looks valid. I'm of the opinion that, in the way that we wicked out of the channel (on 1M) to I also like to reference the stock-to-flow model which indicates similar timing and levels, although a similar percentage overshoot of stock-to-flow line would suggest a high closer to $300k.
Both indicate a top to this bull market in the range of Aug to Dec 2021. It's going to be exciting to see how this pans out by the end of the year.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.