BTC showing signs of a potential bump and run reversal. It is forming a similar structure to the recovery from the Corona dump in March of 2020. Here is the daily chart from March 2020 for reference https://www.tradingview.com/x/XCQuq0xd/ From top to bottom it was a 63% dump that would take 39 days to break out of the bump and run reversal. The first 40 days of the reversal, Bitcoin pumped over 50%. In just under 1 year from the breakout, 357 days, Bitcoin was up 850%. Here is a zoomed out view for reference https://www.tradingview.com/x/akLKiKjE/ This time around, Bitcoin has only put in a 39% dip, but similarities can be seen with 39 days approaching https://www.tradingview.com/x/wiazS4Mr/ If the remainder of similarities play out, we could possibly see Bitcoin over $75,000 in the next two months. If the less likely long term trend repeats and Bitcoin sees another 850% pump, we would see prices close to $500,000 within the year. I know that's a long shot, but here's what that would look like https://www.tradingview.com/x/8RZmjQwv/ If it is going to take longer than 39 days we can expects consolidation somewhere around fibonacci levels here https://www.tradingview.com/x/izwf36Fp/ Bulkowski on the Bump-and-Run Reversal Bottom: thepatternsite.com/barrb.html
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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.