Bitcoin 2017 peak compared to AMC
Bitcoins price action in 2017 saw price move from 650 to 20,000. This chart is looking at the price action after the December 11th 2017 peak. AMC's recent price action looks similar. Here is the chart showing bitcoins journey in 2016-2017. After the peak, price retraced 87% of its original move. I show this level plotted as a custom fib retracement level. The move from peak to trough lasted almost exactly a year. Price then swung up to the next level that I plotted which is another custom fib level of 31%
The same levels applied to AMC appear on the next chart:
This scenario would put AMC at around 12 bucks at the end of May 2022. Of course, we know that Bitcoin subsequently went on to gain over 2000% from its 2018 low. So if AMC follows a similar path, it would bottom out at $12. Consolidation would then occur between $12 and $50 for quite some time.
Then AMC could possibly skyrocket to somewhere around $250. Food for thought!
The same levels applied to AMC appear on the next chart:
This scenario would put AMC at around 12 bucks at the end of May 2022. Of course, we know that Bitcoin subsequently went on to gain over 2000% from its 2018 low. So if AMC follows a similar path, it would bottom out at $12. Consolidation would then occur between $12 and $50 for quite some time.
Then AMC could possibly skyrocket to somewhere around $250. Food for thought!
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