Let's first analyze the weekly chart of Bitcoin. This chart shows a large head and shoulders bottom pattern of Bitcoin spanning four years, from the left shoulder in 2021, through the head in 2022, to now Bitcoin has risen from 15K to 74K, and it seems to be forming the structure of the right shoulder.
If this all-time high, the neckline, is really part of the right shoulder, then the next upside could be logarithmic. The chart is plotted on a logarithmic scale. From this perspective, the trend could continue until 2025, with the top likely to be around $310,000.
In 2017, Bitcoin also showed a similar logarithmic level rise, and the graph at that time was a large head and shoulders bottom structure spanning four years. Interested Akan friends can use tools such as TradingView to view this pattern for themselves. In particular, after the breakthrough of the 2016 high and the 2014 high, the market experienced several pullbacks and then entered a round of crazy bull market at the logarithmic level, and the time interval was also about four years. Therefore, according to the logarithmic coordinate observation, the probability of a sharp rise in Bitcoin this time is still very high.
From a weekly level analysis, the adjustment has lasted for nearly 160 days. Historically, the longest adjustment period is only about 210 days, and this has only happened twice, which means there may be up to 50 days of adjustment. According to the current situation, the market is in a typical bull flag pattern. Based on past experience, prices usually break upwards in a descending bull flag pattern like this.
In addition, is this market really short of money? The answer is no. What the market lacks at present is confidence. The total amount of USDT is still increasing, currently at 116 billion, while at the peak of the last bull market it was only 60 billion. This data shows that although the market has sufficient funds, more confidence is needed to drive prices up.
If you hold cryptocurrencies, just wait patiently for their value to rise. If you are not stuck with low-quality Altcoin, then holding on is a good option.
