History doesn't repeat itself, but it rhymes. As you can see on the chart, a very similar setup has formed as in the past, which previously led to #LOOM rising by more than 1,000%. Let's see what happens this time. *The trade is canceled if the daily candle closes below the indicator's lower line and the indicator remains red.
There are still two significant waves of BTC growth ahead before we reach the peak of the current cycle. (Not all) altcoins will start their rally about six months before Bitcoin's peak. After that, I expect a fairly long and difficult period of distribution.
There's a pattern where the price makes five touches on a resistance level. On the fifth attempt, it breaks through, signaling a possible upward momentum. This breakout indicates a bullish trend and potential for further growth.
There's a myth that the market needs to "shake out" longs through a dump before a strong upward movement occurs. Nvidia's stocks surged from $145 to $470 without any significant pullbacks. What's the situation with BTC today? The trend is upward. The price is trading near the highs of the previous cycle. Bitcoin also doesn't have to crash to $30K or below.
Over the past year, Bitcoin has four times exhibited a sixty-day cycle pattern followed by a strong momentum move. One downward movement against three upward movements. Which direction will it move in this time?
After #BTC breaks the local trendline, the decline will accelerate, extending to the global trendline. Subsequently, a rebound will occur, returning to the trendline, followed by a downward breakthrough with an acceleration in the fall. The overall target is $25,000 - $20,000. Let's call this a 'shakeout'.