Bitcoin Volume Profile Suggests Rally to Bring Price Past $20,000 is Near

Bitcoin Volume Profile Suggests Rally to Bring Price Past $20,000 is Near

By salahchiva | salahchiva | 12 Nov 2019

All markets – like Bitcoin – area unit alternate and undergo stages of peak elation before a correction brings investors back off to reality. Eventually, anger and depression kick in, and investors begin to worry the worst before the cycle reaches a coffee and begins to choose up once more and come to the mean.
But wherever is Bitcoin in its overall market cycle? Was this year’s run-up a disbelief rally before new hope sets in, or has the market on just reached the self-complacency stage, and also the real execution remains ahead?

Where specifically Is Bitcoin In Its Market Cycle?

Bitcoin, the first-ever cryptocurrency, has had a stellar 2019. At the height of its parabolic run, it reached a worth of $14,000 and at the peak brought investors World Health Organization bought very cheap the maximum amount as over 350% returns – no different plus compares to Bitcoin’s performance.
Related Reading | List of Crypto incomparable High costs Shows however way Market should Recover
The powerful rally has crypto investors convinced that the plus is near to start its next pitched battle, however with most optimistic bias within the market, might Bitcoin solely currently be reaching the self-complacency stage or a market cycle? If therefore, it'd indicate that the important drop might presently begin, and a new, a lot of deeper bottom might be potential.
This is in line with the Wall Street Cheat Sheet’s “psychology of a market cycle” chart, that clearly demonstrates the assorted stages of a market cycle. in line with one analyst, the pattern closely resembles Bitcoin’s worth chart once zoomed out.


Following the 2014-2015 securities industry, Bitcoin began a meager rally in 2016, transfer early adopters hope once more that the plus might presently be back in bull mode. 2017 later saw optimism develop into belief, thrill, and at last, elation as Bitcoin reached its incomparable high of $20,000.
After elation, investors area unit generally still optimistic, and assume the plus must “cool off for ensuing rally.” Following this, the important collapse begins, entry emotional states like anxiety, denial, and panic.
It might be argued that capitulation, anger, and depression kicked in once Bitcoin stony-broke down from $6,000 support in Nov 2018, that took the value of the plus to this securities industry bottom at $3,150.
Related Reading | Bitcoin Low Timeframe pattern Matches Weekly worth Action, however Is There More?
However, Bitcoin investors and supporters remained optimistic on the plus the complete time and were exploitation the low costs as a chance to shop for back in. the very fact that sentiment has remained therefore optimistic might recommend that the crypto market – specifically Bitcoin – remains within the self-complacency stage of a market cycle, and what comes next might be the important capitulation that shakes out any remaining optimistic investors before the cycle begins once more.


my name salah i from algeria and i like crypto world 😇😇


Life isn’t about finding yourself. Life is about creating yourself.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.