BITCOIN - WE REPEATED THIS PATTERN IN 2013! PRICE PROJECTION
Analysis
Summary: Highly unsustainable price action resorted in a massive crash akin to 2013. Price will consolidate for the rest of Q2 and resume it's up-trend to ATH's
- Bitcoin repeated this very similar price action back in 2013
- In both cases, price had printed several consecutive green candle months
- This price action is highly unhealthy and unsustainable which resorts to extreme corrections as we have just seen recently in the week commencing Monday 17th May 2021 where we saw 60+% corrections from the ATH across the board for the whole market
- This was far different from the 2016-2017 bull market run-up where there were 1/2 red monthly candles printed after every consecutive set of a few green monthly candles
- As a result, this correction was inevitable as the market was far too euphoric and leveraged
- This is very similar to the price action in 2013 as it also was the case that several green consecutive monthly candles were printed without considerable retracement
- As expected, a huge 70% correction followed via 3 red monthly candles
- After this, price resumed it's action to print the bull market ATH as the cycle ended
- I believe this is exactly the situation we are in as of now (W.C Monday 17th May 2021) and believe that, after price consolidates and the monthly red candles are printed, we will resume the bull market to $200,000+
Summary: Highly unsustainable price action resorted in a massive crash akin to 2013. Price will consolidate for the rest of Q2 and resume it's up-trend to ATH's
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