Bitcoin Cycle Top Discussion
Before I begin, let’s outline the facts:
1. Bitcoin has been in an uptrend since November of 2021.
2. Bitcoin completed the four primary waves, and it is in primary wave 5.
3. Bitcoin’s price surpassed the typical target for a fifth wave, which is the 0.618 Fib Extension.
I conclude that the odds of a trend reversal are higher than the odds of a continuation.
Where should we look for a top?
Predicting the exact time and date is a fool’s errand. However, we do have a guideline. The point at which time and price meet.
Price: The 1:1 Fibonacci extension is at 107K
Time: Based on the 1:1 Fibonacci time ratio between waves one and five, the time is December 27th.
The 1:1 Gann Fan angle perfectly expresses this price-to-time ratio. The price has respected this angle for three years and will continue to do so. The 1:1 angle is dynamic; the point at which price and time meet could be a bit higher or lower than 107K. The date at which price and time meet could be a bit earlier or a bit later. Regardless, it is close.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.