In December 2017, Bitcoin hit its all-time high of $20,000. In December 2018, it touched its bottom at $3,200, before going on the parabolic rally that brought us to the price point where are right now – a critical junction that either takes us into a reaccumulation phase, or Bitcoin goes on to set a new all-time high after this “correction” has finished.
In December 2019, according to one crypto analyst, Bitcoin will once again touch a bottom before rising to set a new all-time high. The month of December has also historically been the month where most tops and bottoms occur across financial markets, adding additional weight to the chartist’s theory.
Long-Term Trend Analyst: Bitcoin Price Is Resetting, Finds Support Around End of Year
Crypto analyst Dave the Wave has been nailing just about every call since the bear market bottom. The chartist focusing on long-term trend analysis using tools like the 200-week moving average and the MACD, called a bounce around $3,250 perfectly, and has been suggesting that moving averages appear to indicate Bitcoin needs to cool off for a bit.
The analyst believes that if Bitcoin’s falls as hard as it rose, then it will take until the end of the year for Bitcoin to return to mean.
After yesterday’s rejection from above $13,000 and resulting inverse head and shoulders failure, Bitcoin is at risk of dropping and dropping harder than the market is expecting. Altcoin capitulation may be an indication of what’s to come.
If Dave the Wave is correct, Bitcoin will find its bottom later towards the end of this year, but then it’ll go on to continue a rally into the stratosphere and potentially reach $100,000 or more according to his model.
Here We Go A Gann with December Tops and Bottoms
Bitcoin topped during the 2017 bull run in December. Bitcoin found its bottom of the bear market in December 2018. Will Bitcoin find its bottom of its reaccumulation phase in December, and then go on to top once again at a new all-time high in December 2020? According to Gann theory, this is exactly what will happen.
William Delbert Gann, went down in history for two vastly different things: being the “a trading legend,”, and for being a complete lunatic, scam artist, and pusher of nonsense trading guides and seminars – essentially the long-time ago version of a paid group leader, shilling to the masses as some sort of prophet.
Gann gained notoriety for using astrology – the study of the location of the planets and how they effect dates and human behavior. He supposedly used a combination of mathematics, astrology, and others forms of analysis to perfectly time the tops and bottoms of markets – which he says cycle with uncanny accuracy.
The above table is lifted directly from the wikipedia page on W. D.Gann. Notice that the majority of market “tops” and “bottoms” have been in December? Another notable date is July. Coincidence, or mathematics and astrology? Gann may not have been the crazy everyone had thought he was, and if Bitcoin bottoms out in December 2019, only to set a new all-time high in December 2020, Gann theory will be given some serious weight when it comes to cryptocurrencies and Bitcoin.
The post Crypto Trend Analyst: Bitcoin Price Rally Has Ended, Bottom December 2019? appeared first on NewsBTC.
Post written by our friend Tony Spilotro
and Syndicated from NewsBTC
Syndicated from NewsBTC.com