It seems that the price of bitcoin moves in cycles thanks to halving which takes place approx. every four years. In the previous cycles, the BTC/USD has reached the top in December 2013 and 2017 - the four year cycle. Currently, the four year cycle ends in December 2021, so this year in ten months.
In the first cycle, bitcoin rallied 10000% followed by about 80% correction. In the second cycle, the price moved up by about 5000% and then fell by about 80%. Currently, the market is up about “only” 1500%.
From the technical perspective, on the logarithmic scale, the market seems to be moving within an upward channel. Its lower limit seems to be crucial support and its upper limit could be potential resistance or target for the December rally.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
In the first cycle, bitcoin rallied 10000% followed by about 80% correction. In the second cycle, the price moved up by about 5000% and then fell by about 80%. Currently, the market is up about “only” 1500%.
From the technical perspective, on the logarithmic scale, the market seems to be moving within an upward channel. Its lower limit seems to be crucial support and its upper limit could be potential resistance or target for the December rally.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.