I basically overlayed Bitcoin prices from mid June to mid July of this year (blue line) with the current price levels, based on the idea that fundamental events reoccur again and again. Especially with the current Segwit2X topic going on, I would keep an eye on this... things are going to get bloody.
I wanted to share this idea as a follow-up from my last BTC prediction (linked down below), which overlayed price levels from May to June and played out nicely.
I made a chart based on yours, not sure it will hold. but if it does, the rocket is now :/
I personally want a drop lol. Not comfortable at these prices.
But here's the chart, copied it from the 1K
@Ecofox, Wow, you found a nice pattern there! This rise would be incredible! The whole Segwit2X topic seems to lose support as F2pool withdrew support for 2X. There is even a Lightning Network desktop app for testing now. This all sounds very good for Bitcoins future imo. So you might be onto something. :-)
pnspeculator
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Welp, I think it just flew past a reasonable margin of error. Quite disappointing considering how closely it's been following the previous pattern. Funny thing is just simply following the pattern made you more correct than 90% of the analysis here up until now.
Do you see it possibly coming down and more or less resuming the pattern if it fails to breach 5k? Really curious as to what's causing this push, whether people think that the correction is completely over and we're heading to new highs... or is it primarily fueled by prospects of free Bitcoin Gold?
strumz
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@pnspeculator, It is kind of disappointing, for sure! There is still a possibility of coming down but I wouldn't bet against the bull market. Just keep this idea in mind if BTC is falling.
I drew this on the 4h-chart and I think we are due for a correction. But as I said, I wouldn't bet against the bull market. :-)
pnspeculator
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@strumz, Good thinking. Not betting against anything at the moment -- just waiting to see how the BTC Gold and Segwit2x forks play out. On one hand it's perplexing that the market is rallying with so much uncertainty on the horizon. On the other hand free BTC Gold is probably also a major factor for the bull run right now, at least leading up to it. What happens after is what I'm curious to see.
neos
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This is my opinion on where BTC is heading, too. I've seen others try to make this correlation, but this the most elegant explanation I have see so far.
Also agree with you on the impact of Seg2x, but was wondering how the timing might play out, so your chart is especially helpful for that.
danielpugh
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Yep I noticed similarities as well - nice chart
Ecofox
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Pretty impressive, how do you copy and paste a price line like this?
I personally want a drop lol. Not comfortable at these prices.
But here's the chart, copied it from the 1K