BTC/USDT
Historically, in each bear market cycle, the subsequent crash below the 200-week moving average (WMA) tends to be deeper than the previous one. This pattern indicates a looming possibility of another drop below the 200 WMA before reaching a bottom.
You're highlighting specific patterns on the chart, particularly the ending diagonals in 2018 and the current market movement. According to your analysis, these ending diagonals have typically been followed by intense movements in the opposite direction. Additionally, you're mentioning that the five waves from the prior bull market formed a terminating wave due to the retracement of wave 2 being over 67% of wave 1. This suggests that the bull market from Bitcoin's inception might be considered finished, and any future rally might not surpass the previous all-time high until a complete reset of the entire bull run.
Based on Steve Courtney's theory about the 5.3 ratio predicting Bitcoin's bull market tops, if the next bottom is around 13.6k in 2024, then the projected top might reach around 70k, not surpassing the previous all-time high.
It's an intricate analysis that considers past trends and patterns to forecast potential future movements in the crypto market. These interpretations might not align with more optimistic viewpoints that disregard potential downward movements.
Did you find this crypto market analysis helpful? Stay updated about the latest crypto market update.
Please continue to follow my analysis and feel free to ask any queries, you may have. I am here to assist you.
TradingView: @FarmanBangashh
You're highlighting specific patterns on the chart, particularly the ending diagonals in 2018 and the current market movement. According to your analysis, these ending diagonals have typically been followed by intense movements in the opposite direction. Additionally, you're mentioning that the five waves from the prior bull market formed a terminating wave due to the retracement of wave 2 being over 67% of wave 1. This suggests that the bull market from Bitcoin's inception might be considered finished, and any future rally might not surpass the previous all-time high until a complete reset of the entire bull run.
Based on Steve Courtney's theory about the 5.3 ratio predicting Bitcoin's bull market tops, if the next bottom is around 13.6k in 2024, then the projected top might reach around 70k, not surpassing the previous all-time high.
It's an intricate analysis that considers past trends and patterns to forecast potential future movements in the crypto market. These interpretations might not align with more optimistic viewpoints that disregard potential downward movements.
Did you find this crypto market analysis helpful? Stay updated about the latest crypto market update.
Please continue to follow my analysis and feel free to ask any queries, you may have. I am here to assist you.
TradingView: @FarmanBangashh
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