Hello Traders,
The chart says it all, but please read the below info:
Bitcoin has experienced three significant rallies in the past. The second one took almost three years, and then we were in a one-year correction phase (almost ~-85% down from the previous ATH).
The third rally took the same time frame (considering $69k as the top). If the history repeats itself, we are in the one-year correction phase since $69k, and it's not finished yet. As you see on the chart, Bitcoin always respected the 0.382 Fibonacci level, one of the most common reversal levels. Bitcoin has not touched that level yet. There are two probable scenarios now:
1. Consolidation between $30k-$50k until Nov 2022, then the new three years rally will begin.
2. Consolidation between $30k-$50k until Oct 2022 plus one-month downtrend as last buying opportunity below $28k and probably close to 0.382 Fibonacci level (~$22k) then the new three years rally will start from Dec 2022 until Oct 2025.
Based on the previous cycles' length and data, this is the most logical outcome. Please note all estimated timeframes may change because of unpredictable external and internal factors.
Please hit the like button if you agree and share the chart.
Thanks.
The chart says it all, but please read the below info:
Bitcoin has experienced three significant rallies in the past. The second one took almost three years, and then we were in a one-year correction phase (almost ~-85% down from the previous ATH).
The third rally took the same time frame (considering $69k as the top). If the history repeats itself, we are in the one-year correction phase since $69k, and it's not finished yet. As you see on the chart, Bitcoin always respected the 0.382 Fibonacci level, one of the most common reversal levels. Bitcoin has not touched that level yet. There are two probable scenarios now:
1. Consolidation between $30k-$50k until Nov 2022, then the new three years rally will begin.
2. Consolidation between $30k-$50k until Oct 2022 plus one-month downtrend as last buying opportunity below $28k and probably close to 0.382 Fibonacci level (~$22k) then the new three years rally will start from Dec 2022 until Oct 2025.
Based on the previous cycles' length and data, this is the most logical outcome. Please note all estimated timeframes may change because of unpredictable external and internal factors.
Please hit the like button if you agree and share the chart.
Thanks.
