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When will the bitcoin rate update all-time highs?

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When will the bitcoin rate update all-time highs?

When the bitcoin rate renews historical highs?
CONTENT

  • Duration of Bitcoin corrections from 2013 high and last high is not identical.

  • The current price dynamics has some similarities with the situation in June 2016.

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After Bitcoin hit its all-time high in 2013, it took 1,134 days to break its own record. If the situation repeats itself, the next maximum update will occur in 2021.

The popular cryptocurrency trader Inmortal technique (@Inmortalcrypto) has shared with his readers a bitcoin chart comparing the current correction to the previous one. The trader writes that if we proceed from the assumption that the previous cycle will repeat itself (he emphasizes that this is just an assumption), then it is possible to determine the approximate timing of the next update of historical highs in the MTC.

When will the bitcoin rate update all-time highs?

According to the above chart, the bitcoin rate may set a new all-time high in December 2020. In making this prediction, the Inmortal technique proceeds from such parameters as the time interval between the historical maximum and the next bottom, as well as the duration of further recovery. However, he adds, if you design a segment of 1134 days for the current situation, which the cryptocurrency took after 2013, it is possible that a new record will have to wait until January 2021..

As you can see, the time periods of the two corrections are not identical to each other. After hitting a high in 2013, bitcoin bottomed in 413 days. It took the market 371 days to move from the all-time high of 2017 to the next bottom. Notably, both of these lows hit the 200-week MA, below which Bitcoin has never traded, except for some long candlestick wicks..

During both corrections, the price then touched this MA once more, but the time interval between these two lows within one correction does not coincide. This could indicate differences between the two price movements..

One comment of a trader to the chart is noteworthy. He believes that the maximum reached in June 2016 corresponds to the current price movement within the current cycle. Let’s take a closer look at this moment..

Current dynamics

In July 2016, the BTC rate broke through an important resistance level at $ 670. The price peaked at $ 811 and then retraced sharply below $ 670. After an unsuccessful growth attempt, the pair continued to decline and reached $ 472, where it tested the 200-day MA.

The RSI was heavily overbought but did not signal bearish divergence. It is also curious that BTC failed in a relatively neutral zone, where there was no significant resistance..

Now the price showed a very similar decline on May 7, which continued until the market tested the 200-day MA. After that, the pair began to grow.

When will the bitcoin rate update all-time highs?

However, despite the similarities in the fall, as well as similar RSI signals (overbought without bearish divergence signals), we cannot talk about the general similarity of these two price movements..

Firstly, the price is trading near the $ 10,400 resistance level. In addition, in the process of strengthening, the pair almost reached the maximum of May 7, while the last time the decline resumed without a preliminary full pullback.

More similar to the previous move would be a rise above the $ 10,400 area, followed by a drop in price, after which Bitcoin would reach the $ 12,000 resistance level.

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