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Bitcoin seven days away from Bitcoin having as it trades very close to the apex of a huge symmetrical triangle with $100,000 bullish breakouts. what in the world can you anticipate in this crazy time that everybody's simply been waiting I would say years to happen. Bitcoin is trading around $9000 a coin as of writing this publishing.
Bitcoin price is making some moves as of writing this article, in the last few weeks we know testing insanely critical areas right now as you can see in the Snapshot below. It mentioned the 2012 halving, and 2016 historical halving as the bullish wave just hit the market and it cripples altcoins to the next level facing bitcoin a decrease to only 38% of the dominance of the whole market.
Above predicted Bitcoin hundred thousand dollar breakout is possible as what we've been talking about for like years now, Even from the bull market high back in 2017, I want to put and put some things into perspective for everybody. We are waiting if you're a long term bull for this Bitcoin halving bullish breakout this bull market, it's illustrated by a power trendline each cycle so there's one power trendline after the 2012 Bitcoin halving. And then we can go after the 2016 Bitcoin halving power trendline to the bull market high & I would say if your long term bull after this Bitcoin having is waiting for a similar power trendline hard to put it on the charts we don't know what it's going to look like we don't know how long it's going to take to reach a new bull market high if we meet reachable market high but there it is on the screen right so that's what everybody's waiting, for now.
the symmetrical triangle is very similar to less Bitcoin cycle bull market high down to bear market low with a breakout right its breakout target out of the last Bitcoin cycle was like 8,500 you can see Bitcoin reached that targets in October 2017 but it kept going. it kind of like just had this crazy run it's a $20,000 past its target this time around we have a very similar looking triangle and we have a breakout target of around a hundred thousand dollars.
Many have predicted about this even John Macafee in a tweet he taunts hilariously which I can write about, You may see yourself. he was wrong about the prediction but after the halving of 2020, it seems to be true to cross Bitcoin the highest high of 20,000$ a coin.
6 Days away from Bitcoin Halving, Is this trend Continue?
The question is on everybody's mind when we are actually 6 days away from the bitcoin halving of 2020 after 4 years. Will this energy and the harmony, will this consistency in bitcoin charts continue right as we don't have that much data. We have bitcoin halving of the past and its prediction to move uptrend which fits almost perfectly on the charts if we go back to 2012 as you can see up ascending triangle synergistic with the apex synergistic with less bitcoin halving and a breakout target of 128$ when bitcoin was trading at the breakout 14$ and bitcoin actually broke out that pattern perfectly after some resistance consolidation continued into next cycle. Obviously we know bitcoin broke out of that last triangle.
Investments are so wise in bitcoin and we know about the whale's participation to secure their asset in a digital growing economy. But after Bitcoin having in the past or going into the last Bitcoin having from a swing high Bitcoin actually did put in around a 30 to 40 percent downtrend before continuation so people probably freaking out back then right but it was the last area of accumulation after that Bitcoin halving so please just be prepared for a potential swing high here that we just had for a 30 to 40 percent downtrend to the bottom trendline 5,000 6,000 dollars as it is possibility of going to happen.
There's a possibility expect nothing but anticipate everything
In the end, you can see, Bitcoin is so bullish right now as you saw that the symmetrical triangle and a little bit of patience is required too for greater profits. Bitcoin is in a position more powerfully I think than ever more powerfully than even ten years ago so those are my thoughts wanted to throw it out there. please do not consider it financial advice but rather trust on your own knowledge of investing and consult a financial advisor if possible.
I hope you guys are having a great start to your week I hope you have a good week ahead, please stay safe if you are lockdown by the government. Best wishes. Thanks