Many people have pointed out that BTC has a history of making a major chart transition at the end of December of each year going back at least to 2016 when it broke to the upside and never looked back. Then it made a major top around 20k around the end of December 2017, then a major low the end of 2018, and now recently it just crashed but snapped back the end of December 2019.
The only time it made a continuation to the down side at the end of the year in the chart was in 2014. All other times if it declined at the end of the year it was only after having run up a huge amount which made the end of the year a top.
So since BTC has recently been declining I am looking for this to be a low.
Even if this does turn out to be like 2014 and it continues lower, the pattern would be that the next two years would be huge continuations to the up side with few pullbacks to get in.
The two most likely paths are:
1.) This is a major low and next year ends much higher (green path on chart)
2.) This is a continuation downside, then next year is a major low followed by two continuatons to the upside and a major top in 2023.
In either case the next major top is likely to be far higher than current prices so I think this is an area for long term accumulation and not capitulation for my long term accounts.
Cryptos as a whole are making inroads in places they never existed before, such as the ECB, Facebook, the US Congress, etc.
Therefore I am looking to gradually dollar cost average on any continued weakness for the next full year.
The only time it made a continuation to the down side at the end of the year in the chart was in 2014. All other times if it declined at the end of the year it was only after having run up a huge amount which made the end of the year a top.
So since BTC has recently been declining I am looking for this to be a low.
Even if this does turn out to be like 2014 and it continues lower, the pattern would be that the next two years would be huge continuations to the up side with few pullbacks to get in.
The two most likely paths are:
1.) This is a major low and next year ends much higher (green path on chart)
2.) This is a continuation downside, then next year is a major low followed by two continuatons to the upside and a major top in 2023.
In either case the next major top is likely to be far higher than current prices so I think this is an area for long term accumulation and not capitulation for my long term accounts.
Cryptos as a whole are making inroads in places they never existed before, such as the ECB, Facebook, the US Congress, etc.
Therefore I am looking to gradually dollar cost average on any continued weakness for the next full year.
