When I look at Bitcoin's price movements every year since 2013, I see a pattern emerging. The pattern occurs in 4 stages.
We have realized this pattern for the 3rd time since 2021 and we are moving to the "breakout" step in 2024. But it is a fact that when we look at the history, during the breakout step, Bitcoin declines to around 0.5-0.618 of the correct step, at least in a small period of time during the year. So, if a wick comes to around $27,000 this year, there is nothing to fear here.
As long as Bitcoin makes 2024 above $46,000, I think it's making a huge run.
- Run: In this step, the price of Bitcoin rises to the highest possible peak.
- Hit the Resistance: In this step, Bitcoin is rejected from the resistance as if it hits the wall.
- Correct: In this step, Bitcoin moves to the lowest level it can find in the annual time interval.
- Breakout: In this step, Bitcoin breaks the peak it made in the first step and prepares the ground for a new run.
We have realized this pattern for the 3rd time since 2021 and we are moving to the "breakout" step in 2024. But it is a fact that when we look at the history, during the breakout step, Bitcoin declines to around 0.5-0.618 of the correct step, at least in a small period of time during the year. So, if a wick comes to around $27,000 this year, there is nothing to fear here.
As long as Bitcoin makes 2024 above $46,000, I think it's making a huge run.