BITCOIN MAY NOT GO ABOVE 60K AGAIN THIS YEAR
Updated
Everyone is expecting bitcoin to hit at list 100k before the end of this year but what if I tell you bitcoin may never go beyond 60k this year.
Personally I was also expecting bitcoin to go above 200k this year but no one can deny the fact that this current cycle is different from the previous bull cycles. I have been tweeting about bitcoin bearish reversal candles on a bigger timeframes which we haven’t had before in the whole of bitcoin history.
So why dId I said bitcoin may never go beyond 60k again this year?
Well looking at this chart, you can see that we are having the same price action just like the 2013 BULL CYCLE TOP.
As you can see from the candles, during the 2013 bull cycle, after the parabolic run, bitcoin printed a HANGING MAN CANDLE which is a trend reversal candle. After we printed the hanging man candle bitcoin dumped 50 percent which is the 2 red candles after.
NOTE: I only measured from the top of the hanging man candle to the close of the last red red candle without the wicks. After the 2 red candles, bitcoin bounced back and retested the top again but it couldn’t break above the top, it then dumped back down.
We went straight into a bear market.
So if you take a closer look at this current cycle, bitcoin also went parabolic after the Corona crash just like the 2013 cycle. as you can see, we also printed a HANGING MAN CANDLE at the top of the trend which leads to another 50 percent dump which is the 2 red candles just like the 2013 cycle.
I’m sure you can see the similarities now. So the question now is are we going to retest 56k?
Well if bitcoin is follows that same pattern 30k could be the bottom of this dump, so am expecting bitcoin to retest 56k from now till the end of this year.
If we do retest the top again it is better to pay attention because if bitcoin fails to break above 56k and dump again you know what that means. We are going straight into a bear market.
If you take a look at the chart, I drew a vertical line just to show how the RSI and the Stochastic RSI looks during the 2013 cycle top and this 2021 cycle top, there is no difference either.
So pay attention.
If you bought bitcoin above 60k you might need to hold though the coming bear market except you want to sell at a loss and if you bought bitcoin above 50k, you have one last chance to break even or sell when we hit 56k before December.
Also in the coming bear market, bitcoin will dump down to 13880 which will be the bottom of the bear market.
This is not a financial advice, i am only pointing out the fact on the chart so you don’t have to trade base on my analysis.
I will be booking profit and offload all my bags once bitcoin fails to break above that level.
Personally I was also expecting bitcoin to go above 200k this year but no one can deny the fact that this current cycle is different from the previous bull cycles. I have been tweeting about bitcoin bearish reversal candles on a bigger timeframes which we haven’t had before in the whole of bitcoin history.
So why dId I said bitcoin may never go beyond 60k again this year?
Well looking at this chart, you can see that we are having the same price action just like the 2013 BULL CYCLE TOP.
As you can see from the candles, during the 2013 bull cycle, after the parabolic run, bitcoin printed a HANGING MAN CANDLE which is a trend reversal candle. After we printed the hanging man candle bitcoin dumped 50 percent which is the 2 red candles after.
NOTE: I only measured from the top of the hanging man candle to the close of the last red red candle without the wicks. After the 2 red candles, bitcoin bounced back and retested the top again but it couldn’t break above the top, it then dumped back down.
We went straight into a bear market.
So if you take a closer look at this current cycle, bitcoin also went parabolic after the Corona crash just like the 2013 cycle. as you can see, we also printed a HANGING MAN CANDLE at the top of the trend which leads to another 50 percent dump which is the 2 red candles just like the 2013 cycle.
I’m sure you can see the similarities now. So the question now is are we going to retest 56k?
Well if bitcoin is follows that same pattern 30k could be the bottom of this dump, so am expecting bitcoin to retest 56k from now till the end of this year.
If we do retest the top again it is better to pay attention because if bitcoin fails to break above 56k and dump again you know what that means. We are going straight into a bear market.
If you take a look at the chart, I drew a vertical line just to show how the RSI and the Stochastic RSI looks during the 2013 cycle top and this 2021 cycle top, there is no difference either.
So pay attention.
If you bought bitcoin above 60k you might need to hold though the coming bear market except you want to sell at a loss and if you bought bitcoin above 50k, you have one last chance to break even or sell when we hit 56k before December.
Also in the coming bear market, bitcoin will dump down to 13880 which will be the bottom of the bear market.
This is not a financial advice, i am only pointing out the fact on the chart so you don’t have to trade base on my analysis.
I will be booking profit and offload all my bags once bitcoin fails to break above that level.
Note
WE ARE GETTING A GREEN CANDLE AS EXPECTED. THE FOCUS IS 56K SO PAY ATTENTION
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