Bitcoin Pullback Very close - Chart Comparison to 2013 High
Hello Guys,
I have done an analysis of the current moves of Bitcoin, and find an uncanny pattern match to that of the buildup to its 2013 high. You can see in the diagram below the trend of Bitcoin over the recent few weeks vs. the build up to the 2013 peak. Even the gradients of the key sections are well matched, as seen by the blue arrows:
I am holding my nerve on Bitcoin, and I do strongly suspect a significant pullback to commence over the next 2 weeks or so. If Ethereum however, does fall back from its current ~USD$125 to about $100, I will get in on it. I just think that there is something a bit abnormal about the recent sharp spike upwards over the past couple of days.
Wasn't the 2013/2014 pullback caused by extenuating circumstances? Mt. Gox and all that? Without some external event causing a loss of confidence in bitcoin...I don't think you can conclude anything by comparing the graphs. However, just looking at the current graph in a vacuum, you can't help but believe a correction is coming. Question is when?
Bix Weir was predicting a possible pullback at 3 critical points. The first was the all time hight of gold ($1,917). The second was $2,000 due to psychological reasons, and the last was $2,400- double the amount of the Mt Gox high. I think there will be a large pullback due to the whales shaking loss the weak hands before the exponential growth.
Great Analysis!
Have you checked out Clif High's Alta Report? He is uncanny with his bit coin predictions. He has said (roughly) a high now a few hundred dollar pullback and then a jump to the $2300 range
Yes I have. I do follow Clif's work. He has said that bitcoin may get to $2300, and then go back possibly to $1400-1500. This will be its low, and then it will start a big move upwards towards $13000 next year. I suspect that this has to be linked in though to significant moves in precious metals as well.
problem is that so many people are waiting for a dip to get on the train, tat once it happens there will be enough demand to mitigate.. at least that's what I think. If we get a dip I would be surprised to see 1400 again.
$13000 next year..wow
I bet on that scenario too