Hey, folks.
If we look at the weekly BTC chart using a 4-week moving average (purple line), we notice a very consistent pattern that just might be forecasting a jump to $84,000 by the end of March.
LEG 1: The recent rally started back in October (point "A"), at around $10,000, and rising to around $20,000 (point "B"). Leg 1 took 5 week and ran up about $10,000. BTC then took a break like a mountain climber catching his breath.
LEG 2: In its second leg, BTC rose from around $20,000 to about $40,000 (point "C"). Leg 2 took 4 weeks and ran up about $20,000. BTC then took another break, losing about $10,000 from point "C" to point "D".
LEG 3: For its third leg, BTC rose from a low of $28,000 (point "D") to a high of $58,000 (point "E"). Leg 3 took 4 weeks and ran up about $30,000. BTC has now been taking another break (1 week so far), dropping to a low of about $44,000 (point "F").
Do you notice the pattern? Leg 1 ran up $10,000. Leg 2 ran up $20,000. Leg 3 ran up $30,000. We might speculate that the next leg should run up $40,000, from around $44,000 (point "F") to around $84,000 (point "G").
When might it reach point "G"? Leg 1 lasted 5 weeks. Leg 2 lasted 4 weeks. Leg 3 lasted 4 weeks. We might estimate leg 4 to last 4 or 5 weeks as well, taking us to the "G" point by around the end of March.
Now that would be some "G" spot!
If we look at the weekly BTC chart using a 4-week moving average (purple line), we notice a very consistent pattern that just might be forecasting a jump to $84,000 by the end of March.
LEG 1: The recent rally started back in October (point "A"), at around $10,000, and rising to around $20,000 (point "B"). Leg 1 took 5 week and ran up about $10,000. BTC then took a break like a mountain climber catching his breath.
LEG 2: In its second leg, BTC rose from around $20,000 to about $40,000 (point "C"). Leg 2 took 4 weeks and ran up about $20,000. BTC then took another break, losing about $10,000 from point "C" to point "D".
LEG 3: For its third leg, BTC rose from a low of $28,000 (point "D") to a high of $58,000 (point "E"). Leg 3 took 4 weeks and ran up about $30,000. BTC has now been taking another break (1 week so far), dropping to a low of about $44,000 (point "F").
Do you notice the pattern? Leg 1 ran up $10,000. Leg 2 ran up $20,000. Leg 3 ran up $30,000. We might speculate that the next leg should run up $40,000, from around $44,000 (point "F") to around $84,000 (point "G").
When might it reach point "G"? Leg 1 lasted 5 weeks. Leg 2 lasted 4 weeks. Leg 3 lasted 4 weeks. We might estimate leg 4 to last 4 or 5 weeks as well, taking us to the "G" point by around the end of March.
Now that would be some "G" spot!