BTC's recently took a pause and has since broke above its resistance of 64k. To help get an idea of how much further this rally can go, we look back through its historical rallies. Each time we see a clear pattern:
Based on past rallies and what we are seeing right now, this rally is in the early phase. Longer wicks don't start to form until half way through the rally (based on history). With this rough measurement in mind its possible for BTC to double from here.
Keep in mind this is based on a rough historical pattern. There is no telling what BTC will do this time.
- Early phase has short wicks on top of the momentum candles indicating bulls are in charge.
- Later phase the half of the momentum candles are made up of wicks on top indicating bears are starting to take hold
- Last phase red candles appear as the rally peaks.
Based on past rallies and what we are seeing right now, this rally is in the early phase. Longer wicks don't start to form until half way through the rally (based on history). With this rough measurement in mind its possible for BTC to double from here.
Keep in mind this is based on a rough historical pattern. There is no telling what BTC will do this time.