Looking at the previous bull run for Bitcoin the price surged almost 1500% from previous all time high. The green circles indicate a moving average crossover, and shows the price holding the 20-period moving average (purple line).
Using this structure to compare it to the market cycle today does some similarities appear. The moving average crossover occurred and is still holding the 20-period moving average with the price setting new highs. If this marked cycle is anything like what the chart has shown earlier, could the price be expected up towards 290000$.
Notice that Bitcoin corrected around 70% when the price broke the support level of the 20-period moving average to the downside in 2018.
Using this structure to compare it to the market cycle today does some similarities appear. The moving average crossover occurred and is still holding the 20-period moving average with the price setting new highs. If this marked cycle is anything like what the chart has shown earlier, could the price be expected up towards 290000$.
Notice that Bitcoin corrected around 70% when the price broke the support level of the 20-period moving average to the downside in 2018.