In the midst of the crash I had another look at the charts and came to a new idea: we are in a 3 wave bull market and the main rally of the bull market has already happened. Nevertheless, there is potential for BTC to go to 100k before perhaps finally entering the real bear market. One condition for this scenaro to play out is the support at ~35k. Although BTC dipped briefly below that, the weekly candle closed well above that. Currently BTC has broken all major resistances for a new impulse wave. Let's have a look!
This is the idea I proposed last week. A 3 wave bull market top. There are some major trend lines in support of that and 100k is exactly the target level proposed by other analysts.
In this chart we can see the confirmed breakout in the weekly chart. This is extremely bullish and will very likely lead to a run up ~60k. With this confirmation we are right on track to the 100k top prediction. As you can see there are many trend lines converging at this price target.
If this should play out this market top would be quite different to previous cycles. There hasn't been a 3 wave top; instead, there was generally a huge run up to the top and then a huge correction. You can see the differences in the next chart:
We can see in this chart that BTC is becoming less volatile. A 3 wave top would therefore fit the idea of a market that is gradually maturing.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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