1/ My thoughts on the Bitcoin Cycle - BTCUSD ($BTC) - Thread
2/ If you take a look at the previous Bitcoin cycles, you will find some striking "coincidences". I will explain below using the 2W Bitcoin Chart. Starting from Nov 2011, we find BTCs low around $2.01 . From this bottom, BTC begins its parabolic advancement.
3/ The 1st key resistance came in at the 1.618 fib (log) at a price of $176.08. We wick beyond this level, but ultimately get strong selling pressure in this area (75%-80% drop). After this drop, we get a final move to the top. This lines up with the 2.272 fib (log) level.
4/ The following bear market bottoms at the 1.618 fib which acted as resistance in the preceding bull market.
5/ Starting from the bottom in Jan 2015 at a low of $163.88. Bitcoin begins its parabolic move up to the 1.618 fib (log). Again acting as resistance with a 40% price drop. After this drop, we get the final move up to 2.272 fib (log) zone at $14,457. BTC topped around $19700
6/ Again, the following bear market bottoms at the 1.618 fib which acted as resistance in the preceding bull market. Starting from the bottom of $3148 in Dec 2018, Bitcoin begins its parabolic move up to the 1.618 (log) level.
7/ This marks the current date where we seem to be finding resistance. I'd expect the volatility of this drop to diminish relative to the first drop (approx.75%) and second 40% drop. Once the floor is found, I'll be looking at a move towards the 2.272 fib (log). (7/9)
8/ This lines up at $204,500 or lets say $200,000 ;) with room for wicks above.
9/ I'll love to see how this plays out in the years to come. Perhaps Bitcoin decides to bottom again at the 1.618 level around $61,500 in the next bear market.
Good luck everyone. Remember to take profits along the way.
Not Financial Advice (9/9)
#Bitcoin $BTC #BTCUSD
Update (22/04/21) - This is a 2 week chart for $BTC. We have had arguably 6-8 weeks of resistance at this level. The 1.618 log has acted as resistance in all previous bull cycles. If history repeats itself, once broken we head to $200,000, this market cycle. #BTC #Bitcoin #Crypto
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