This chart shows the Bitcoin trend on Bitstamp from 2013 through 2017 in Log scale using Fibonacci Channels.
The price points for the channels are 2013 low, 2013 High and a 2017 low point that creates the bottom of the 0 - 0.236 channel.
These channels show clear support and resistance as the price moves between channels throughout the 4 years of trading data available from Bitstamp.
*The following is my price speculation*
IF PARABOLIC HISTORY REPEATS ITSELF: (In other words, if we see the same movements of price we had in 2013)
The price could increase to the 0.786 Fibonacci Channel, based on the curvature of the current Parabola, this is likely to be at around 50k (also a big psychological number). (January 2018) The price could then correct to the 0.382 Fibonacci Channel, based on estimated timeframes for this (previous correction phase lasted approximately 3 months), this is potentially 14k. (April 2018) The price could then increase to the 1.0 Fibonacci Channel line, based on estimated timeframes for this (previous bullrun after correction from 2013 lasted approximately 4 months & 2 weeks), this is potentially 235k. (September 2018)
Any thoughts and comments on this? Please bear in mind that the above prices and dates are pure speculation based on history repeating itself. This is Bitcoin, and ANYTHING can happen.
I had 30-50k as my target top for this move, and generally agree with your analysis. People always underestimate how fast maturing exponential moves happen (in all fields of life).
BravoTangoCharlie
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@jon.poseidon, Thanks Jon, I appreciate your thoughts on this!