Bitcoin tends to move in Waves of 3 during its bull market phase...

Bitcoin has now completed Wave #1 during its bull market phase.

Historically, it has tended to have 3 waves during it's bull market cycles.

The gain from the peak of Wave 1 to the peak of Wave 3 back in 2017, which is also the top of the entire bull market cycle, was roughly 7.5x.

If we were to repeat that same pattern, we would be looking at a price around $300k for the eventual top during the 3rd wave.

Check it out:

(Source: https://twitter.com/BTC_Archive/status/1373653255817945096/photo/1)

The really neat thing is that the peak of the 3rd Wave was actually even higher than 7.5x the peak of the first Wave in the two previous bull markets prior to 2017.

So....

Based on the data, bitcoin has plenty of room to run during the next two waves, with the top potentially being around $300k or so when it eventually hits.

There is also the argument to be made for diminishing returns, which in that case would point to the top peaking somewhere less than 7.5x the high from Wave 1.

If that is indeed the case, and it probably is, we could still be looking at a price roughly 4-5x the Wave 1 high, which would still put us in the $200k range for a top.

Stay informed my friends.

-Doc