- June 20, 2021
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
This is BTC on the 1W time-frame in order to get all of its historic price action on one chart as I’ll be looking at each Cycle on a Fib approach.
As you see each time Bitcoin made a Bull Cycle Top (red arrow) the subsequent Bear Cycle that followed never reached as low as the Previous Cycle Top (ATH) or even the 0.618 Fibonacci retracement (blue line) from the time the rise (on the previous Bull Cycle) turned parabolic. As parabolic I define the time it started rising aggressively following the last major pull-bac below the (at the time) ATH.
I see a growing sentiment in the crypto community that calls for a low at 20k or below. Even though that would represent an excellent long-tern buy opportunity as it would put BTCUSD again inside the long-term logarithmic Growth Curve (the dashed lines zone consisting of the lows and highs during Bear Cycles), it would mark the first time that Bitcoin will make a Bear Cucle Bottom by hitting the 0.618 Fib and the Previous ATH.
What do you think? Are we ahead of a historic first for Bitcoin or $65000 wasn’t this Bull Cycle’s Top?