The anticipation continues in Bitcoin. While the Bulls struggle to break the $ 20,000, the Bears continue to sell with dreams of $ 13,000. What will happen next ?
The most basic data we have regarding the Bitcoin bull market and ATH levels are the 2017 bull market movements. In Bitcoin, we can actually see similar movements to the bull market in 2017.
While Bitcoin reached the level of $ 19800 in 2017, it broke out with much harder and longer daily candles. This was partly due to the low volume. Bitcoin transaction volume today is approximately 10 times the average transaction volume in September, October, November and December 2017.
In our previous content, we stated that BTC is much stronger today and is progressing with stronger steps, but we also emphasized that we should always be careful for decreases.
In this article, we have examined closely the movements similar to the ones in 2017:
Although the size of the trading volume causes short corrections to be more frequent and harsh, the trend angle of the rise in 2017 and the rise that started in September 2020 seems almost the same. In the same time period (SEPTEMBER-DECEMBER) we see that both bullish trends are rising at an angle of about 80 degrees.
In the chart below, the similarity of 2017 and 2020 bull markets is shown. When the graph is analyzed, it is seen that the second peak was formed at a higher level after the first peak in 2017. In 2017, this second peak was suicide peak and hard sales came from these levels.
The hard sales took place on 17 December 2017 and after. According to these two similar formations, the question of whether we can encounter a similar decrease in December 17 and the following year 2017 is confusing. We see it useful to be cautious until the similarities in the formations, which are the same until the trend angle, appearance and date, deteriorate.
As we have always stated, especially in this process, it is extremely important for investors to improve themselves and invest patiently and emotionally.
