The masses are bearish on Bitcoin.
If you ask around, most people will explain with certainty the several reasons they have for why Bitcoin is destined for sub-$30,000.
The cryptocurrency became a household name in late 2017 due to its parabolic rally that eventually broke down and took the price per cryptocurrency back to $3,200.
Comparing the curved, decade-long trend line with the parabolic curve pattern pictured above, there is a chance base 4 is in the process of being built.
From late 2020 to April 2021, Bitcoin price grew over six to twelve times in value during what would have been the run up from base 3 to base 4.
Parabolic rallies also tend to break down faster than it took to climb – similar to a rollercoaster’s anxiety-inducing ascent, followed by a speedy plunge and the ride is over until you decide to get on once again.
On-chain signals, like entity-adjusted dormancy flow exhibit similar signs of accumulation going on as other moments Bitcoin put in a significant bottom.
While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.