Bitcoin rate is taking its time consolidating around $50,000 but could be preparing for the next major leg up to around $77,000 per coin, according to what one trader calls a “& ldquo; cheat sheet & rdquo; to the current crypto
market bull run. The & ldquo; cheat sheet & rdquo; is a fractal from the past that is playing out when again in Bitcoin markets nearly perfectly. If the fractal continues, here’s how far it might take the cost per BTC before the peak is in.
Bitcoin Trader Cheat Sheet Hints At Next Leg Up To Around $77K Per BTC
Bitcoin is making another effort at holding above $50,000 and is having a hard time up until now. If and when the cryptocurrency does manage to recover the crucial phycological level, it might provide bulls the self-confidence to press to another variety greater.
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If and when it does, the next stop might be $77,000 per coin, according to what one pseudonymous trader calls a “& ldquo; cheat sheet & rdquo; for the crypto market over the last a number of months.
A chart shared by the trader shows just how properly the current booming market has actually traced along with the cost action in the fractal from previous cycles.
Bitcoin has been tracing along this fractal, albeit with less volatility|Source: BTCUSD on TradingView.com When the present range is eventually left, a big spike to $77,000 is next, followed by a much steeper correction says the fractal. But what follows that, if you can avoid being shaken out in the anticipated volatility, could be the most
effective bullish impulse ever. Could This Fractal Hold The Code To Predicting The Next Crypto Market Peak?
Not every trader puts much weight in fractals, but the cheat sheet above is too accurate to neglect. While this time could certainly be various, if the same course is followed, the rate per Bitcoin will shoot to $100,000, then almost right away to more than $200,000 per coin.
The same cheat sheet from past cycles states Bitcoin will blow up to$200K fast|Source: BTCUSD on TradingView.com
The huge impulse from $100,000 to $200,00 takes a matter of weeks, if days, to take place, mimicking the run from $10,000 to $20,000 in 2017 –-- a month before the top remained in and the cryptocurrency started its first real correction in more than a year of uptrend.
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Ever & rdquo; What follows, according to the fractal cheat sheet, is the peak of the existing bull market, and another extended bearishness for the marketplace to cycle through once again.
Could this cryptocurrency booming market cheat sheet really be this precise? And if so, could it show an explosive relocation towards the peak from here?Featured image from Deposit Photos, Charts from TradingView.com