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Now that the market has been saved by the "orange line", what to expect next?
Well, the answer is relatively straight forward when using fractal analysis. One just looks at the past and counts in the differences/changes that have happened since then. While this is still only a rough guide, it can be at times remarkably accurate. Take the counting pattern of the current movement we are in which I compared to 2017. This indicated a strong rebound from 5 and a strong impulse wave to 6. We are now on the way to 6 and beyond
But what can we expect? Looking at 2017, we see a peak with 7 and 8 which did not break the resistance coming from the middle blue line. Fortunately for us, the current set up is almost identical, so that we can extrapolate this scenario to 2021.
The result would look something like this:
6 should be followed by a small correction and a relatively fast upward price action to 100k which then again will be followed by a small to mid sized correction (10-25%). But the surprising result could be that this would then be followed by one more push to 8 to about 120k. This double peak is very characteristic of BTC and therefore I do not think that 100k is the top for this time frame. However, as this is a fractal the other scenario that I should mention is that the double peak could also top out at 100k, depending on the market. Nevertheless, I feel the scenario outlined in this chart is more likely. If/when we reach this, there should be a big correction of about 40% to around 70-80k again.
Again, this is the scenario we would expect if all things more or less work out as in 2017. However, because we know that things change and never turn out exactly as the past, there will be differences this time around. Will it mean that we will peak at 100k instead of 120k or that there will be one more push towards the "orange line"? Nobody knows. But the outlined scenario, I feel, is quite likely.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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You certainly have a very aggressive target put forth. It could happens since Bitcoin can go wild at times.
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comparing it to the previous cycles it should happen; in fact if it does not, I think 100k will be the top of this cycle. I think it can reach 300-500k
I wouldn't mind a pause in Bitcoin's rally to leave some room for alts.
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Alts should rally as well; ETH e.g., should hit 5k soon
It sure is on its path to that mark.
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Wow! To the moon! LoL