Crypto Analysis | Bitcoin Climbing to 20k
Good day Hiveians!
Join me in analyzing the crypto markets!
With bitcoin closing in on 16k, we should get ready for 20k, because that is what is coming up next
Let's have another look: You can see that in the previous cycle there was a pattern which emerged in 2015 and was strengthened in succeeding years. this trend is marked with the orange line on the left of this chart. Notice the deviations from it and how it depicts a linear trend. Compare it now with the line on the right: you should immediately see some striking similarities. For example, the first (and only) big downwards deviation which happened in Summer of 2015 and Spring of 2020. After this, the deviations were mainly upward to the upward side. But notice how the bottom follows a trend indicated by the orange line. My main argument (as others have pointed out similarly as well) is that we can extrapolate that trend to 2020 and beyond, just like it happened in 2016 onward.
Again, notice the ovals which should indicate similar patterns emerging for the current cycle. One important finding here is that as you can see back in Beginning of 2017 price peaked with the previous high of about 1100$. A medium sized correction was followed by this (about 30%). This is what I expect to happen for the current cycle as well:
Price should touch 19-20k and immediately correct by about 30%. This would bring price down to about 13k-14k. This in turn would present a great buying opportunity again. So if you are short on btc currently, I would suggest selling at the previous high (make sure to go a bit lower than that) and buy again at the just mentioned levels.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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