My previous fractal idea surrounding a drop straight to 15k didn't pan out, so I did some more research. It turns out I was using a fractal from November 2018, near the bottom of the bear market.
I took a look at this time 4 years ago, well around June 2018, and compared it with the current BTC chart.
And look what I found... an almost exact replica 4 years ago.
I suppose it makes a lot more sense for this to be a truer representation of where price will go next, considering the halving cycle is every 4 years.
So what does this mean?
It means that we are NO WHERE NEAR the bottom, and in fact the bottom will be around 11k - probably $11.8k which is the Daily Bear Flag target from the early part of this year.
It also means that we have reached a high point where we will range for a week or two - with a bear trap (or correction towards around 20.5k-20.8k)
Now the markets don't always work EXACTLY like it did years ago, so expect some variation in prices, but the general gist is, we should be heading to somewhere between 15k-16.3k next, before rallying into the high 20k's in August.
I took a look at this time 4 years ago, well around June 2018, and compared it with the current BTC chart.
And look what I found... an almost exact replica 4 years ago.
I suppose it makes a lot more sense for this to be a truer representation of where price will go next, considering the halving cycle is every 4 years.
So what does this mean?
It means that we are NO WHERE NEAR the bottom, and in fact the bottom will be around 11k - probably $11.8k which is the Daily Bear Flag target from the early part of this year.
It also means that we have reached a high point where we will range for a week or two - with a bear trap (or correction towards around 20.5k-20.8k)
Now the markets don't always work EXACTLY like it did years ago, so expect some variation in prices, but the general gist is, we should be heading to somewhere between 15k-16.3k next, before rallying into the high 20k's in August.
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Maybe something like this next
