BITCOIN There is no turning back from this.
Bitcoin (BTCUSD) has started the 5th Bullish Wave of the current Bull Cycle, following the consolidation of the past 2 months. Since the November 2022 bottom we have had 4 such waves with consolidations ranging from 1 month to 6 months (blue Channel of April 10 - October 10 2023). The current wave can technically take Bitcoin up to 100k alone.
What is even more bullish than that though is the fact that the whole (ellipse) structure since the October 2023 Low, resembles the sequences of April 2020 - March 2021 and May - December 2017. As you can see, both were Bullish Legs of the 7-year Channel Up. Symmetrically, it appears that we are past its 2nd consolidation (blue circle) and starting the final rally to the Top of the Channel Up.
That means that the Cycle Top can even be marginally higher than 200k until the 1W MA50 (blue trend-line) is breached again (note that we are past a 1W Bullish Cross also) which can make us start considering a Bull Cycle again.
But what do you think? Is this rise just the start of a wave that will take BTC to 100000 even 200000 if history repeats itself? Feel free to let us know in the comments section below!
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What is even more bullish than that though is the fact that the whole (ellipse) structure since the October 2023 Low, resembles the sequences of April 2020 - March 2021 and May - December 2017. As you can see, both were Bullish Legs of the 7-year Channel Up. Symmetrically, it appears that we are past its 2nd consolidation (blue circle) and starting the final rally to the Top of the Channel Up.
That means that the Cycle Top can even be marginally higher than 200k until the 1W MA50 (blue trend-line) is breached again (note that we are past a 1W Bullish Cross also) which can make us start considering a Bull Cycle again.
But what do you think? Is this rise just the start of a wave that will take BTC to 100000 even 200000 if history repeats itself? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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