Good day Hiveians!
Join me in analyzing the crypto markets!
As stated already several weeks back, it seems apparent that bitcoin has entered its next bullish phase
While it is obvious that corrections always happen at some point, it seems that we are moving away from the 10k levels for good. The scenarios for stronger corrections haven't quite happened, but it is always good to stay on the cautious side as we definitely haven't entered the late stage of the bull run yet (where you should always buy and hold).
What we can learn from the previous cycle is that there was a line (here showed in a log scale chart) that wasn't breached and acted as a support. You can see it as the left orange line in this chart.
I would argue that we have a very similar support line for the current cycle. This is shown on the right side. Simply put, the price should not diverge from this line very much until price will decouple from it and go parabolic in the next years.
I made another prediction for price levels which is rather conservative as it shows a correction down to 9-10k before heading up to 17k. The reason for this is that, as already stated, I don't think it is very likely that the price will go upwards too quickly. A look at the previous cycle shows that sustainable price action needs time.
In the past I pointed to the fractal shown in this orange ellipse:
It has been a very good predictor for the price actions starting in 2019. If you look closely you should see the similarities. One thing is clear to me: Prices will on average only go upwards now. But there will be buying opportunities along the way.
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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