The next few days might be very kind to bitcoin investors
Going back the last 3 years, bitcoin has gained during the first week of the new year every single time.
Yes, every year is different and it's tough to call a certainty out of just a 3 year trend, but it's also hard not to pay attention to something that has occurred 3 times in a row now.
These are the gains seen in the first week of January over the past 3 years:
- 2017 - 22% pump during first week of the year
- 2018 - 24% pump during first week of the year
- 2019 - 12% pump during first week of the year
- 2020 - ???
(Source: ~~~ embed:1211695710007156740) twitter metadata:U2Fsc2FUZWtpbGF8fGh0dHBzOi8vdHdpdHRlci5jb20vU2Fsc2FUZWtpbGEvc3RhdHVzLzEyMTE2OTU3MTAwMDcxNTY3NDApfA== ~~~
If history were to repeat...
Bitcoin started 2020 right around $7,200.
If bitcoin were to follow this bullish pattern and see the lowest gain (12%) of the 3 mentioned above, we would see a price per bitcoin of just over $8k within the next 7 days.
If bitcoin were to see the highest gain (24%) of the 3 mentioned above, we would see a price per bitcoin just under $9k within the next 7 days.
For this first week, bitcoin could return something outside the range of these past 3 years for any number of reasons, and it probably will, but at least we have a trend of positive price action early in the year.
Which beats the alternative.
Stay informed my friends.
-Doc
Well, hmmm, maybe. Nothing that is happening at the moment would give any impression that BTC can make it past 7600 any time soon.
Sometimes Bart Pattern shows up without any rhyme or reason. :)
A Bart is what we got on this fine Thursday night.
until mid-January it may remain weak
The past 3 years actually show a pop first week and then a drop midweek that erases those gains from the first week...
I'm still saying the price per Bitcoin will go down until mid-January at least... The speed is clearly slowing down, so it might take longer than I initially expected.
Speed of the drop?
Yes...