The analysis focuses on evaluating the percentage surges of past Bitcoin highs since 2011, each from the last high to the current high. It is noteworthy that these surges are steadily diminishing. While the surge from June 6, 2011, to the high on November 25, 2013, amounted to 3712%, the subsequent surge reduced to 477% by the high in December 2017. From 2017 to November 8, 2021, this value further decreased to 247%. This suggests that the current surge, based on this analysis, would only reach 72%, equating to a price of $122,800, potentially marking the new impending top.
Should the subsequent correction proceed as all previous ones, we would correct to a price of $51,900 and from there continue towards $150,000, constituting only 22% from the last high.
Should the $150,000 level be breached after a further correction phase, it would lead to a surge to $450,000 by the year 2030.
Currently, following a short signal from the weekly chart, we are in a correction phase. This could extend to $53,000 at the minimum and $38,500 at the maximum.
Based on the long-term arc support on the chart, a potential low of $32,000 could also be reached, which must be achieved by July at the latest.
Alternatively, a long sideways run with support at $47,000, followed by a drop to $36,800, could occur. However, this scenario would distort the previous cycle timeframe.
Not to be underestimated is the synchronization of Bitcoin with Amazon charts since March 2019. This sequence could conclude a significant cycle for Bitcoin, with the price plummeting to $3,000 to $1,200. This additionally in a very drawn-out sell-off until 2030. It is crucial here that the support of $30,000 is not breached.
A similar scenario may also occur after the peak of $122,800, with the boundary at $40,000 to prevent this scenario.
In conclusion, we wish all readers successful trading endeavors. Please note that this analysis does not constitute financial advice.
