Bitcoin 2021 Bull Market - Parabolic Curve?
I am really hoping that bitcoins daily pattern isn't really a parabolic arc (or curve) pattern. From what I have read they do not end well, as they tend to have significant corrections of 62–79% of its price rise (from the top).
I'm not trying to be all doom and gloom, just looking at all possibilities
On the bright side, a touch of the parabolic curve has been a great time to buy or add to positions as bitcoin has pushed significantly higher from there each time.
Even if the parabolic curve is real and BTC breaks it then drops 60% to 80% it is possible we could see a similar outcome like the 2013 bull cycle. In 2013 BTC had a sharp increase in price starting in January that peaked in April (1700%). It also looked like a parabolic curve. Once BTC broke the curve it dropped over 80% but that wasn't the end of the bull cycle. Bitcoin bounced then consolidated for over 5 months until early Oct. when it went parabolic again, increasing by over 1000%. BTC reached the final peak in late November.
This scenario although not the worst, in my opinion, would still be painful to go through. A months-long consolidation period would seem like an eternity after the huge increase in price that we have seen over the last 6 months.
I'm not trying to be all doom and gloom, just looking at all possibilities
On the bright side, a touch of the parabolic curve has been a great time to buy or add to positions as bitcoin has pushed significantly higher from there each time.
Even if the parabolic curve is real and BTC breaks it then drops 60% to 80% it is possible we could see a similar outcome like the 2013 bull cycle. In 2013 BTC had a sharp increase in price starting in January that peaked in April (1700%). It also looked like a parabolic curve. Once BTC broke the curve it dropped over 80% but that wasn't the end of the bull cycle. Bitcoin bounced then consolidated for over 5 months until early Oct. when it went parabolic again, increasing by over 1000%. BTC reached the final peak in late November.
This scenario although not the worst, in my opinion, would still be painful to go through. A months-long consolidation period would seem like an eternity after the huge increase in price that we have seen over the last 6 months.
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