Topic: Bitcoin At $3,000 Looks “Symmetrical” To $20,000 Top, Reversal Possible - page 2. (Read 342 times)

Timing a bull run to coincide with the MtGox payout would be critical to any manipulators.

If it's still going down when MtGox distributes I would expect a mass dumping, the likes of which haven't been seen since MtGox went under. If however we are in a bull market then I suspect everyone would just hold.....

Nobody knows when this MtGox distribution will happen but it should be sometime later this year subject to legal hassles.

i've always liked jack. he gets the big picture and is pretty careful not to be overconfident with predictions. in fact, he didn't say bitcoin even bottomed yet. he's just suggesting we're near the tail end of the overall bear cycle. that's basically my position as well. we're close, but you may need to hang on through another selloff or two yet before its officially done.

i still think that the bitcoin price is artificially being suppressed as each time price tries rising it is being dumped hard and is kept in the same range. and if am right then it means the market is more than ready for the rise and it can happen at any moment now.

i don't put much faith in the past performances but what i care about is the reasons for past performances. since that reason has not changed and bitcoin has been continuing to grow both in technology and adoption i'd say it is about time we see the repetition of the past with a sharp reversal followed by a big rally to reach a new ATH within a year or two.

Someone said that there was a "narrative" being spread in the community. I disagreed with him, and said it was "analysis". Now I'm starting to believe that he might be right. Haha.

But will it work though.

Bitcoin Chart Resembles $20,000 Top

Bitcoin Bravado trader, Jack “Sparrow,” recently took to his Twitter page to tout a recent bit of analysis he completed that could indicate that the broader crypto market is finally nearing a bottom. Jack, asking if Bitcoin has begun to reverse, noted that BTC’s current inverted chart is reminiscent of the asset’s $20,000 all-time high, which was established in late-December 2017.

https://pbs.twimg.com/media/DyFj8InVsAAy7XH.jpg

In another optimistic tweet, Jack laid out a thesis for BTC’s long-term market cycles, drawing attention to halving dates and the trends that have seemingly spawned from these pertinent industry occurrences. The prominent trader noted that there’s a pseudo-inevitability to Bitcoin’s long-term price action, noting that certain technical measures and levels are breached in the asset’s block halving-induced cycles.
While he didn’t explicitly state that the flagship cryptocurrency has definitively bottomed near $3,000, he depicted two flag patterns on the current chart, along with one from yesteryear, to show that BTC could begin to show signs of life in upcoming months

https://pbs.twimg.com/media/DyGdeOlXcAA54PC.jpg

In previous pre-halving bear markets, BTC found a bottom between 58.7% to 70% of the way to the issuance reduction. Right now, BTC is 62.4% the way to its next halving (time-wise). And if history is any indicator, that means that the asset could finally find a long-term floor in the coming months, if not weeks.

https://ethereumworldnews.com/analyst-bitcoin-btc-at-3000-looks-symmetrical-to-20000-top-reversal-possible/