Breaking News / Bitcoin / Analytics
If there is one thing everyone is buying right now, it is that Bitcoin (BTC) has bottomed just like it did in 2015 after it formed a blow off top. It is very tempting to believe that we are in that part of the cycle because the ongoing cycle resembles that cycle in many ways. However, there are some stark differences that traders and analysts seem to have ignored due to their strong bullish bias. Before we discuss those, let us analyze why BTC/USD might be printing another 2018 styled bear trend. If we look at the 4H chart for BTC/USD, we can see that the manner in which it has rallied the past few weeks is no different than how it rallied in late 2017. Interestingly, it also seems to have topped out in a similar way after the recent parabolic growth.
Both the bulls and the bears are expecting a correction of some sort. However, to the surprise of both, this could be another long and boring correction that might see the price repeating the same fractal that it printed in 2018 but on a smaller time frame. Even though this is likely to occur on a smaller time frame, it is still not likely to come to fruition before September, 2019. We might see a lot of bears giving up on their sub $3,000 targets while the bulls will become more confident expecting a rally and thinking the bottom is in. We have mentioned in our previous analyses that even under the bullish case, Bitcoin (BTC) has to retrace to the 61.8% Fibonacci retracement levels which comes down to a price target of $5,156.