What's next for Bitcoin....$56k or $16k?

Bitcoin traders and enthusiasts are riding the wave after the incredible rally from $9,000 to $42,000 throughout the 4th quarter in 2020. It certainly was an incredible run, more than quadrupling in value in less than three months.

Now we find ourselves in an early 2021 corrective phase which will end in either another Breakout/Rally attempt or an Excess Phase (Blow off) Top.

This article highlights both potential outcomes because at this stage it is difficult to determine a single high-probability outcome.

What a Bitcoin Breakout Would Look Like....Read Here.

Bitcoin Rally Similarities - Is This The Peak?

The recent rally in Bitcoin is strangely similar to the rally that took place in 2017. Although the range of price throughout the rally is somewhat different, the structure of price throughout the rally phase is very similar. Our researchers believe this similarity suggests a peak may be forming in Bitcoin and the big volume on Monday, December 21, 2020, may have represented a “blow off peak” in price.

Bitcoin 2017 Peak Structure

The following Weekly Bitcoin chart highlights the three rally phases that took place before the peak level was reached in December 2017. Pay very close attention to the structure you are seeing on this chart and the highlights we’ve made to help you understand how the price structure is being mirrored in the current rally phase....Read More Here.