How's that for a shock and awe?
That's right, the weekly bitcoin chart looks eerily similar to what happened back in 2017.
If prices were to follow the same pattern from here, they would go up by 570% over the next 147 days...
Which means, we would hit roughly $62k by the end of October.
Check it out:
(Source:
)https://twitter.com/galaxyBTC/status/1140576413180997632
- galaxyBTC
Do I think this actually happens?
Nope.
I do not.
In fact I think we are well overdue for a pullback to the $6,500 area.
The fact it hasn't happened yet is a bit concerning for my thesis, but things just look way too over extended to not have a decent sized pullback here.
In the 2016-2017 bull market, bitcoin had 9 pullbacks of roughly 30% before reaching new highs.
I very much think we are due for one right now on bitcoin. The only question is do we test $10k first or not.
However, after that pullback I think we could see new highs by the end of this year, or early next.
Stay informed my friends.
-Doc