Bitcoin has been on a torrid run as of late, a run that I don't think is quite done just yet
I normally don't like to make specific price predictions on a very specific date because frankly it's hardly ever right.
I'm going to break my own rule though and go out on a limb and say that I think bitcoin will get as high as $16k-$17k within this month before a decent sized pullback.
Yes we already got a big pullback last night (13% drop from peak to trough), but it may already be over.
I think the price is going to continue to grind higher before ultimately hitting $16k-$17k within the next 4 weeks.
Why do I think that?
It's all about fractals and halving cycles...
We've seen this pattern before...
Back in 2016, which was the last time we had a halving btw, we saw a possibly very similar pattern to what we are seeing right now.
In early 2016 there was a rather large decline and then a steady rise leading into the halving, which looked like this:
(Source: https://investingreinvented.finance.blog/2020/07/31/bitcoin-is-in-a-bullrun-but-where-is-the-top/)
From the miniature crash, we had 133 days of steady upward reclamation of the drop leading into the halving.
After that, we saw a blast off of sorts that took the price significantly higher in the weeks to follow.
Now compare that to our current bitcoin chart...
Again, we have 137 days of steady upward reclamation of a big drop:
(Source: https://investingreinvented.finance.blog/2020/07/31/bitcoin-is-in-a-bullrun-but-where-is-the-top/)
If the price were to follow a similar pattern to what we saw the last time we are due for a couple more weeks of parabolic gains.
What price should we expect?
This one is simple, all we have to do is look at the price gains from the fractal the last time around and apply them this time around.
Based on those numbers we should be seeing a move to $16k-$17k within the next several weeks.
If these fractals don't look close enough for your liking, we also have this in our favor as well:
(Source: https://investingreinvented.finance.blog/2020/07/31/bitcoin-is-in-a-bullrun-but-where-is-the-top/)
The 2 year + HODL period is pretty much exactly where it was back at this same time in 2016.
No guarantees that any of this plays out in the exact same way it did the last time, but bitcoin sure does have a strange way of repeating these price cycles due to its halving.
Halving + human nature = very similar patterns playing out.
Keep in mind that after this peak, and subsequent drop, I fully expect bitcoin to eventually grind it's way back upwards and make new all time highs, which is exactly what played out with the last pattern as well.
Stay informed my friends.
-Doc
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Thanks.
very interesting pattern, will follow price movement in August
Hopefully the past repeats yet again.
A pretty interesting prediction, though I think there's some strong merits to this one, given how much momentum Bitcoin's gained over these past few weeks. I'll surely be keeping my eye out this August, though it would be quite amazing to see BTC gain $4+k in a month :-O
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It's holding up relatively well after that drop so far. Seems doable to me and I do love past patterns repeating! :)
Same here, mate. It's held the support line pretty okay so far, so I'm keeping my eye out for a big bounce, and hopefully it won't break downwards :-p
Parallel to BTC in August, how do you see Ethereum doing..?
Thanks
I imagine it will do at least as well as bitcoin. It seems to go up when bitcoin goes up and up when bitcoin goes sideways. It's a good time to own ether.
I agree. Thanks
That would be an uptrend for this year
with crypto in general. I do not recall
#btc reaching that level many times.
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