What’s Bitcoin’s Final Pressure Point Before The New BTC Price Bull Market Starts?
The Final Pressure Point Before The New Bull Market Starts
Last week’s rally has reignited interest into the crypto market as the market is green with Bitcoin above $5k at $5,220 and rising. While other top cryptos are in the red, Ethereum is up by nearly 7 percent at $179 and Ethereum Classic (ETC) is up by 5 percent at $7. The total market cap is currently at $181 billion.
Altcoins have been enjoying the greens while the top cryptocurrency has been stuck at $4k when last week Bitcoin surged about 23 percent to $5k. In tandem with Bitcoin (BTC), the market started surging significantly with Litecoin (LTC) and Bitcoin Cash (BCH) leading the rally.
Now, the market is waiting for BTC to make another move that is expected to see $6 and enter into the third bull cycle.
So, what is that point from which this market starts its ascent to a new peak?
According to trader Investing Scope’s latest analysis, we are right on the brink of the pressure point that would jump start this crypto market in the next bull cycle.
By using the Gaussian Channel, he says the aggressive rise from last week has entered into a bearish wavelength. In the bear cycle of 2014-2015, the time it breached this length marked the final pressure point before we entered the new bull market.
“It is rational to assume that Bitcoin has entered into a “buy-the-dip” phase as the consolidation of the accumulation/ distribution stage unfolds.”
But how long will the bearish wavelength last this time is the next question. He says, in the last bear cycle of 14-15, the spike that breached this bearish wavelength was at the middle of the cycle that lasted about 406 days. If the last week’s spike represents the one from the last cycle, this wavelength should last less than 406 days.
As can be seen in the chart, it is also likely we would be seeing a drop before making our way upwards just like it happened in 2014-2015. But after last week’s surge, it has been expected that we might not be seeing another severe drop that previous to this rally has been projected to be below $3k and even as low as $1,800.