April isn't always a good month for crypto, but in 2021 it sure has been! Bitcoin just broke out of a sideways consolidation pattern to a new high of 63k USD, and the overall market surges upward with no sign of stopping here.
March was quiet for BTC, but April has seen a test of the 60k level, and today it broke on through.
A large crypto exchange going public and large corporations getting involved is providing upward pressure.
That's weekly, going back to the start of 2020. It shows the plunge to 4000 one year ago, and the ensuing bull run.
Where are we in the grand scheme of things?
Each bar on that chart is 3 days. I've scribbled in my estimations of what is possible.
I'm seeing 80k within a few weeks. May could be quite explosive for cryptos.
How's the overall market?
It's getting easier to spot now - crypto prices form a repeating pattern. I was one of the first analysts to identify and speak about this pattern, all the way back in early 2013, at the very start of this chart. Prices had already been forming the pattern on a smaller scale since inception in 2009, and have faithfully traced it out nonstop since then.
The crypto market has been one of the easiest markets to accurately predict - ever. It has been an absolute pleasure to observe and forecast.
The case for bears? Nah, I just don't see it right now. The pattern has yet to complete. We are not at the top. Fundamentally as well, there's no indication of trend reversal whatsoever right now.
Will 80k BTC be the top? Yeah, it might. I could also see it hitting 120k before any real correction. It really looks to me like most of 2021 is going to be INCREDIBLY hot for the cryptocurrencies. It will likely cause 2017 to look like 2013.
I hope these charts were useful.
DRutter
