Bitcoin will hit 53K in six weeks
Do you guys remember me saying on the 19th of Dec that the dip would last another 5 weeks?
"I am calling a 5-week continuation of the dip as of today.
That means by the 24th of January this neverending dip will be turning into an uptrend."
If not the below article will show that I did so.
This dip will last 5 more weeks
And I was wrong?
I was off by one day!
The market started it´s road to recovery on the 23rd.
Now I did that by zooming out and expecting a similar trend as in May and that was spot on. Now in the meantime, I have been combining that with the Fear & Greed index and I noticed a very similar trend between this dip and the previous May 2021 dip there as well.
Fear and Greed Trend Comparison
I have been following up on that trend and I even noticed this little increase in fear after the initial rise in July 2021.
So now I found that the neutral 51 point today would be pretty much the point we hit on our way to recovery on Aug 6 of 2021.
Now I did not check the prices, just following the recovery trend. So far we are still following the same recovery trend and we would be on the brink of an increase in greed. That increase would be starting this week, and take us up to 70 on the Fear & Greed scale within the next 5 days. Would that mean that the prices will rise?
The price is right
Unfortunately, the price would not rise as much as the index points. If we would look at the chart for Aug 6 we would notice that BTC is at the same level as today around that 43K and moving up to 53K over the next 6 weeks.
That 53K would be followed by a huge rejection lasting 2 weeks and only then BTC really started its road to recovery.
So that was a really interesting find. Being right on the end of the dip and now that the fear and greed pattern looks very similar. So similar that we are at the same point in the fear and greed and the same price today as on 6th of AUG.
Of course, there are some differences, mainly the steepness of the May dip and its recovery. Both were steeper compared to the December dip and its recovery. But zooming out and they are indeed very similar. For example, the initial uptrend and the little dip prior to the 6th of Aug is almost identical to the current recovery trend.
Now I always learned that the trend is your friend and economic changes come in repetitive waves.
Yes I know, this is crypto and nothing is certain, but so far I am seeing a pattern I called on 19th of Dec extending to 16 Feb and that´s just cool. And possibly useful because we all know that history likes to repeat itself and we all love to have a bit of an idea of where the crypto market is going. So that´s why I try to makes sense of my friend the trend.
Have a great rest of your day, hit the like button 👍 on your way out.
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