First off, the dashed strains. These are the weekly assist and weekly resistances of the 2017 bull run. They meet one another in april of 2022 at 5,100$. They’re actual helps. Legit rock stable helps.
The blue line is 8,100$. It’s also a significant assist on the weekly chart relationship again 5 years.
The yellow line is without doubt one of the most vital strains in crypto too. It’s 5,100/5,200$.
I used shade coded arrows to point out all of the instances every was assist during the last 5 years.
Now comes the loopy half. I copied the of the 2020 bullrun. I flipped it the wrong way up on the logarithmic chart on accident. Only for enjoyable I made a decision to place it at 65k and see what it appeared like. I appeared on the chart and observed 3 very brutal crashes. Effectively, I appeared on the worth factors these crashes got here to.
Every of these 3 crashes crashes to a MAJOR MAJOR assist line on the weekly chart.
11,500$ was a spot I used to be ready to purchase at. 8,100$ was a spot i thought of too. Then… I observed that 5,100$ occurs on the spot the place these two daring white dashed strains meet.
Effectively… Sure. Sure it was. 5,100$ was insanely vital. When bitcoin fell beneath 5,100$ in november 2018 it created the crash to 3k.
So… I believe our January-Might 2022 bear market could have 3 distinct crashes.
We crash to 11,500$. Then pop upwards a bit.
Then crash to eight,100$. Then pop upwards a bit.
Then crash to five,100/5,200$. And that 5,100/5,200$ someplace round april/starting of might 2022 IS the underside. And it’s going to start out a brand new bullrun.
It’s going to start out a brand new bullrun just like march 2020. I now not suppose we’re long run going to start out an excellent bear market. I now suppose 5100/5200$ holds as assist and I believe 2025 will deliver the largest bitcoin bullrun in historical past. Most likely 300k in 2025.