BITCOIN - PHASE TWO BULL MARKET RALLY
Hey traders hope you all been great, its been a while i shared my charts as i've been busy with so many other business activities.
In this chart we reviewed our previous analysis with some partial modification and adjustment
Where we compared our current bull market of 2020-2021 with the previous of 2016-2017 and
thereafter seeing noticeable trend rally pattern, separated the rally into two phases for better analysis.
Its important to note that since the time of first publishing this analysis the market has acted 100% inline with our analysis.
And surprisingly everything is happening at a close time preference it almost feels like a cheat sheet or fortune teller.
Although they say history doesn't always repeat itself but sometimes it does rhyme.
From the chart we could see that in the first phase of the rally of 2016-17, after bitcoin made ATH of $1,170 in first week of January 2017
we experienced the first major correction which was about a -33% decrease(candle body close) of ATH down to about $780+ which ended the first phase of the rally
and then at the end of Feb 2017 we saw bitcoin took a rebound of +60% from lows and about 30% from previous ATH of $1100 to about $1400
and thereafter in the next 2 weeks of march 2017 was in a correction of about 33% from ATH of about $1400 to about $940
which as i would love to say started the next phase of the rally.
After the 33% correction from $1400 bitcoin rallied 250% from lows of $940 to new highs of $3000 followed by about 33% correction to $1950
between the first week of June and second week of July 2017 and thereafter to $5,000 by September followed by another 33% correction to about $3200
before the final rally to 20k.
In the present rally of 2020-21 we can see lots of similarities when viewed and compared, mind you like i earlier said am not saying history must always repeat itself
but at the moment it rhymes in so many ways both in the time, dates and patterns.
So lets see what has been happening in this rally.
After we broke previous ATH of $20,000, bitcoin continued to rally and it lingered more than expected before
a healthy correction, recently in January 2021 just like January 2017 we experienced the first major correction of about -30% from new highs of $42,000
to about $29,000, after which in the mid February it rallied back about 30% from prev ATH of about
42K to about $53,000 just like it did in 2017 February/March.
We are currently in the end days of February and if history is to repeat itself in close manners we could see bitcoin dip further between $38,000 and $41,000 between now and first weeks of March.
If my analysis pose to be right, then after this 33% from highs of $52,000 to about 38k-
41K we could see BTC rally from 38k to about $120,000 which will be about 250% from lows; this should happen between second week of march till the end of May 2021 and between June and July we should expect another correction of about 33% to about $70,000 and thereafter God knows at what price we are going to peak.
My guess would be 280k and all of this will happen this Year 2021.
Who knows, at the end of the rally we just might find stability.
In my previous chart analysis i forecasted we will see $20,000 before year end 2020 , $30,000 by January 2021, and a 60%+ rebound from last correction in january
--all happened
My expectations for a new Peak ATH is still by Autumn/Winter 2021.
Do share your thoughts and let me know what you think.
In this chart we reviewed our previous analysis with some partial modification and adjustment
Where we compared our current bull market of 2020-2021 with the previous of 2016-2017 and
thereafter seeing noticeable trend rally pattern, separated the rally into two phases for better analysis.
Its important to note that since the time of first publishing this analysis the market has acted 100% inline with our analysis.
And surprisingly everything is happening at a close time preference it almost feels like a cheat sheet or fortune teller.
Although they say history doesn't always repeat itself but sometimes it does rhyme.
From the chart we could see that in the first phase of the rally of 2016-17, after bitcoin made ATH of $1,170 in first week of January 2017
we experienced the first major correction which was about a -33% decrease(candle body close) of ATH down to about $780+ which ended the first phase of the rally
and then at the end of Feb 2017 we saw bitcoin took a rebound of +60% from lows and about 30% from previous ATH of $1100 to about $1400
and thereafter in the next 2 weeks of march 2017 was in a correction of about 33% from ATH of about $1400 to about $940
which as i would love to say started the next phase of the rally.
After the 33% correction from $1400 bitcoin rallied 250% from lows of $940 to new highs of $3000 followed by about 33% correction to $1950
between the first week of June and second week of July 2017 and thereafter to $5,000 by September followed by another 33% correction to about $3200
before the final rally to 20k.
In the present rally of 2020-21 we can see lots of similarities when viewed and compared, mind you like i earlier said am not saying history must always repeat itself
but at the moment it rhymes in so many ways both in the time, dates and patterns.
So lets see what has been happening in this rally.
After we broke previous ATH of $20,000, bitcoin continued to rally and it lingered more than expected before
a healthy correction, recently in January 2021 just like January 2017 we experienced the first major correction of about -30% from new highs of $42,000
to about $29,000, after which in the mid February it rallied back about 30% from prev ATH of about
42K to about $53,000 just like it did in 2017 February/March.We are currently in the end days of February and if history is to repeat itself in close manners we could see bitcoin dip further between $38,000 and $41,000 between now and first weeks of March.
If my analysis pose to be right, then after this 33% from highs of $52,000 to about 38k-
41K we could see BTC rally from 38k to about $120,000 which will be about 250% from lows; this should happen between second week of march till the end of May 2021 and between June and July we should expect another correction of about 33% to about $70,000 and thereafter God knows at what price we are going to peak.My guess would be 280k and all of this will happen this Year 2021.
Who knows, at the end of the rally we just might find stability.
In my previous chart analysis i forecasted we will see $20,000 before year end 2020 , $30,000 by January 2021, and a 60%+ rebound from last correction in january
--all happened
My expectations for a new Peak ATH is still by Autumn/Winter 2021.
Do share your thoughts and let me know what you think.
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