Does History Repeat?
Does the cycle just repeat?
It's only February 2020 and the price of bitcoin at the moment is 58000 it's been an incredible run for bitcoin, you would think we would be reaching the top but there is no sign that bitcoin is topping out just yet.
Let's take a look at a potential cycle top, investing and buying bitcoin is the easiest part of the trade now comes the hard part selling. It's important to keep level headed and start thinking about an exit plan for bitcoin , does the cycle repeat?
Taking a look at the monthly chart we can see that bitcoin has been in this massive channel since 2013 we have a strong support line with strong confluence but a weak resistance line with only two data points .
In the last cycle peak we created a potential resistance line but was broken with a 40% wick to the upside, it topped at 20000 and closed at 14000, if history repeats, the cycle peak this time would be at 216000 and the monthly candle would close at 153000.
Any price after 135000 has an extremely high risk of a potential top. Maybe we don't have that 40% wick like last cycle and it closes at this resistance line like the first cycle 2013/2014.
I think the cycle top of bitcoin will be 185000 sometime at the end of November. That's my prediction based on the charts and historical data there is one indicator I would like to mention below that will give us a strong insight of when the cycle top will be coming.
The Puell Multiple was created by David Puell of Adaptive Capital to explore market cycles from the perspective of bitcoin miners. The indicator identifies major turning points in each market cycle.
lookintobitcoin.com/charts/puell-multiple/
Its going to be a very interesting year for bitcoin the world will be watching this year.
Cycle Top November 2021 185000
Cycle Bottom December 2022 40000
It's only February 2020 and the price of bitcoin at the moment is 58000 it's been an incredible run for bitcoin, you would think we would be reaching the top but there is no sign that bitcoin is topping out just yet.
Let's take a look at a potential cycle top, investing and buying bitcoin is the easiest part of the trade now comes the hard part selling. It's important to keep level headed and start thinking about an exit plan for bitcoin , does the cycle repeat?
Taking a look at the monthly chart we can see that bitcoin has been in this massive channel since 2013 we have a strong support line with strong confluence but a weak resistance line with only two data points .
In the last cycle peak we created a potential resistance line but was broken with a 40% wick to the upside, it topped at 20000 and closed at 14000, if history repeats, the cycle peak this time would be at 216000 and the monthly candle would close at 153000.
Any price after 135000 has an extremely high risk of a potential top. Maybe we don't have that 40% wick like last cycle and it closes at this resistance line like the first cycle 2013/2014.
I think the cycle top of bitcoin will be 185000 sometime at the end of November. That's my prediction based on the charts and historical data there is one indicator I would like to mention below that will give us a strong insight of when the cycle top will be coming.
The Puell Multiple was created by David Puell of Adaptive Capital to explore market cycles from the perspective of bitcoin miners. The indicator identifies major turning points in each market cycle.
lookintobitcoin.com/charts/puell-multiple/
Its going to be a very interesting year for bitcoin the world will be watching this year.
Cycle Top November 2021 185000
Cycle Bottom December 2022 40000
t.me/+8CRZJqXrjwU4ODA0 re-launched telegram group , it is free , just place to chillout talk about crypto bull market , will be posting trades live randomly
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