Bitcoin is looking like it is repeating what happened back in 2016.
Actually, it is looking like it is repeating what happened both in 2013 and in 2016, but for today we will focus specifically on 2016.
Check out how similar the chart is from 2016 to what we are seeing now...
The weekly chart of 2016:
(Source: ~~~ embed:1152274106496065536) twitter metadata:b3Nib3JuZWJhbGxzfHxodHRwczovL3R3aXR0ZXIuY29tL29zYm9ybmViYWxscy9zdGF0dXMvMTE1MjI3NDEwNjQ5NjA2NTUzNil8 ~~~
After breaking the down-trend we ran up significantly and then had a multi week consolidation period that saw prices decline by 30-40%.
Now, look at the current weekly chart:
(Source: ~~~ embed:1152274106496065536) twitter metadata:b3Nib3JuZWJhbGxzfHxodHRwczovL3R3aXR0ZXIuY29tL29zYm9ybmViYWxscy9zdGF0dXMvMTE1MjI3NDEwNjQ5NjA2NTUzNil8 ~~~
Same pattern.
A big run up out of the bear market, followed by a consolidation period that takes prices down 30-40%.
Pay special attention to what happened to prices after that consolidation period was over...
Do you see what I see?
The big question is whether it will repeat that same pattern this time around...
I think it will.
Stay informed my friends.
-Doc
Yes this is all very interesting.
What is crazy to me is the very huge price run in the first breakout. It is much higher this time than last.
To me this is super healthy or super scary. We could either be in a real bull trap, where prices are going down to 1k
Anything is possible, and I mean that in the truest sense, especially as it relates to crypto. However, what is more likely at this point, bitcoin were to repeat what it has done several times in the past or do something it has never done before? "This time it's different" are some of the most dangerous words in investing. :)
It has to look sketchy, a market which looks like certainty is doomed. Just like at 15k, 16k, 17k Bitcoin. Investors could throw money in and be up 10 percent within 24 hours. Those types of investors were not smart enough to invest when Bitcoin looked sketchy like it does now. They never believed in the first place and got Rekt. Temporarily rekt if they sold that is, which again shows they never believed in the first place. The only people who deserve to make money are patient investors who believe in what they are investing in.
Agreed. Often the biggest gains are from buying when things are the "sketchiest". That could be very true with steem if they can turn things around here... I am hoping!
1k btc would be just an investors dream!
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Yes it would. Though if we broke down to those prices it would likely be due to some major fundamental shift... I am not sure I would want it then. :)
Resteemed to my 4700 Followers
Thanks.
Fingers crossed indeed. Although the landscape has changed somewhat. It does seem likely we in for some proper action very soon. BTC is being wound up and spring coiling so tightly I think it's about to blow.
I was reading about the possible ATH last time was due to Tether creating new tether, and spending it on btc.. Did you check that out aswell? I only read one article on it.
Yes, there were tons of rumors that tether manipulation was what caused the big bitcoin run in late 2017. However, no one has really been able to prove anything. Despite numerous investigations by numerous regulators etc.
Their "proof" seems to be that every time bitcoin dipped, tethers were sold for bitcoin in order to support the price. However, that sounds like normal market activity to me by investors/traders simply buying the dip.
I don't count tether as a major concern for bitcoin at this point any longer.
Ok, nice to hear more about it I havent been online so much since spring. Just the government manipulation now then hahahha :)
I don't know that I would call it manipulation per say, but they are moving the markets around right now for sure.
We got em scared shitless! Lets try finanicial anarchy for a change, I am all in!
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Anything with the word "anarchy" in it probably won't work for long... at least according to history.
I dont think mankind has ever been so desperate for it though up until recent 😂 for people to be able to stay free from contracts, registery and debt, we need bitcoin. The sheep wont buy even a .01 and will surely be doomed to survIving on UBI involving mandatory chip implants and I would be damed if after so long off grid, that I will ever go back and become a citizen again!
I know also that history repeats itself, and I think that the masses are so manipulated that the powers that be can and will cause the problem, then offer the solution to become the saviours, as is in history 😂
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Hey @jrcornel I wouldn't be surprised if it didn't pop up wards especially with the negative economic news were are going to get.
Agreed.
We may get it, but if that happens we are are going to get rate cuts and more QE. Which both things likely push bitcoin higher. "Easy Money" policies are good for bitcoin.
Exactly what I'm talking bout ;)
Ah ok, I think i read your first comment wrong.
It's hard to believe that we skipped a year's worth of consolidation... but maybe. I'm still planning for September to be my accumulation month. Hopefully that works out.
The pattern doesn't look like we skipped a year... it just looks a bit more like 2013 than say 2015. :)
I have no doubts that the pattern will be very similar. And I just wonder how far will we go...
That's kinda what I am thinking as well.
I'm not sure, just because it happened in the past it's no guarantee to repeat...
True, history doesn't always repeat exactly, but it often rhymes.
https://steemit.com/bitcoin/@elove888/smart-money-said-skip-bitcoin-bet-on-blockchain-not-any-more
Yea I saw this posted on a few news sites.
Similar indeed. Although I’ve seen several comparison charts from others, only time will tell..
Very true. I like our odds of it playing out at least remotely similar, though likely not exactly the same.