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BTC to 550k? emmm... Most likely not.
Lets look at market structure, comparing 2016-17 on 3d and 2021 on 4d chart. This cycle is longer so 4d is more reliable.
First top was around april-may 2021 and after that market plunged into long accumulation, same as summer 2016.
I took a measure with my fib retracement and dragged it from summer bottom 2016 and 2021 until second peak marked in yellow circle.
In the yellow circle zone there was 2 peaks both time - one higher another, but at the same time RSI draw a lower low, pretty huge divergence, and on the second low there are double bottoms on RSI.
Market peak in 2017 was little bit higher than 3.272 fib level, on today's chart this level stands at around 550k.
Just to track idea, will be very surprised if this happens.
First top was around april-may 2021 and after that market plunged into long accumulation, same as summer 2016.
I took a measure with my fib retracement and dragged it from summer bottom 2016 and 2021 until second peak marked in yellow circle.
In the yellow circle zone there was 2 peaks both time - one higher another, but at the same time RSI draw a lower low, pretty huge divergence, and on the second low there are double bottoms on RSI.
Market peak in 2017 was little bit higher than 3.272 fib level, on today's chart this level stands at around 550k.
Just to track idea, will be very surprised if this happens.
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