BITCOIN: Trendlines Broken - Uncharted Territory Ahead!

aezakmi (58)in #cryptocurrency • 4 years ago

BTC/USD Monthly chart

Finally, here we are! For the first time in this downtrend - almost 3 years now, Bitcoin has finally broken both the descending trend lines. We've managed to close the monthly candle above $10900 and it seems that from now on, we're on uncharted territory. Of course, there are still a couple of important resistance levels ahead, like the 0.786 Fibonacci retracement and the previous high, at ~$13200; but I believe that the worst has passed.

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BTC 2013-2017 / 2017-2021 Comparison

The 2014 rally needed ~1200 days to reach the previous All-time-high. Currently we are at around ~950 days since our ATH, so a sideways movement is not excluded in the next period, perhaps even a correction back to the trendline, which hopefully flipped and became support.
After the ~1200 days in the 2014 have passed, BTC needed only 300 days to establish a new ATH.
Below is a WILD 1-to-1 comparison between now and then: rallying like before, would bring us to around 280k/BTC, which is a little insane for a such sort period of time.
$80k is possible, but $280k seems a little exaggerated to me.