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?
Please like, subscribe and share your ideas and charts with the community!
Special Thanks Steemit Crypto .......................
