BITCOIN consolidating around ATH = Mega BUY!Quick comparison of Bitcoin's (BTCUSD) current Cycle to the one in 2014 - 2017, which is the one that has been most tightly correlated to and as you can see by the charts below, we have spotted since January 2023, right at the market bottom:
The current consolidation around the previous All Time High (ATH) region is a clear buy signal, in fact based on the 2014/17 Cycle, it is the last we might get before the Parabolic Rally (green) phase starts.
As you can see both Cycle's started with a Falling Wedge leading to the bottom, then the Accumulation Phase as soon as the price broke above the 1W MA50, leading to the 1st take-off Phase to test the ATH.
The 1W RSI will mostly stay overbought from now on until the top of the Cycle, which is not the essence of the current idea, but we expect it to be at least at 200k. The 1W MA50 (blue trend-line) should continue to support until the Cycle Top.
But what do you think? Do you expect BTC to start the parabolic rally phase shortly after the Halving which is around a week's time? Feel free to let us know in the comments section below!
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