๐ฅ How High Can We Go? Bitcoin Fibonacci Analysis Says UP ๐
In this analysis I want to talk about the comparison of the current end-of-bear rally and compare it to the one we got in 2019. This analysis is based on just 1 previous occurrence, so deviations are possible and expected.
Some key points of the 2019 end-of-bear rally:
๐ถ It took 28 weeks from top to bottom.
๐ถ The price topped at the 0.618 Fibonacci retracement line. Found heavy resistance in the blue target area.
๐ถ The first 20 weeks (where we currently trade) was a ~+85% move.
๐ถ The majority of the pump occurred AFTER the first 20 weeks.
When we extrapolate the above to the current market conditions, we can potentially expect some sizeable moves in the near future.
๐ก In case of a 28 week rally, we will top in the week of 5-12 June (8 weeks from now).
๐ก The top will be between roughly 42k - 49k.
However, there are also some differences.
๐ท Where 2019 saw the majority (in percent) of the move after the first 20 weeks, I reckon we've seen the biggest move already.
๐ท Notice that we're currently already above the 0.236 (red) Fibonacci Retracement. In 2019 we were still 18% below it.
Nevertheless, I think it's valuable to look at how the market traded in 2019. Yes, we're in very different market conditions, but the market does not really care it seems. Furthermore, we're comparing it to only one previous end-of-bear rally, so take it with a grain of salt.
In the end, I'm convinced that there's still more gains coming. We are not going to see new all-time highs any time soon, but a move to 40k is definitely in the cards.
Do you think the top is near? What are your predictions? Share in the comments ๐
Some key points of the 2019 end-of-bear rally:
๐ถ It took 28 weeks from top to bottom.
๐ถ The price topped at the 0.618 Fibonacci retracement line. Found heavy resistance in the blue target area.
๐ถ The first 20 weeks (where we currently trade) was a ~+85% move.
๐ถ The majority of the pump occurred AFTER the first 20 weeks.
When we extrapolate the above to the current market conditions, we can potentially expect some sizeable moves in the near future.
๐ก In case of a 28 week rally, we will top in the week of 5-12 June (8 weeks from now).
๐ก The top will be between roughly 42k - 49k.
However, there are also some differences.
๐ท Where 2019 saw the majority (in percent) of the move after the first 20 weeks, I reckon we've seen the biggest move already.
๐ท Notice that we're currently already above the 0.236 (red) Fibonacci Retracement. In 2019 we were still 18% below it.
Nevertheless, I think it's valuable to look at how the market traded in 2019. Yes, we're in very different market conditions, but the market does not really care it seems. Furthermore, we're comparing it to only one previous end-of-bear rally, so take it with a grain of salt.
In the end, I'm convinced that there's still more gains coming. We are not going to see new all-time highs any time soon, but a move to 40k is definitely in the cards.
Do you think the top is near? What are your predictions? Share in the comments ๐
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๐Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
โ Monster Signals: t.me/monster_cryptosignals
๐ฅPremium Signals: fierytrading.com
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