First off, the dashed lines. Those are the weekly support and weekly resistances of the 2017 bull run. They meet each other in april of 2022 at 5,100$. They are real supports. Legit rock solid supports.
Now, the white line is 11,5k. It is a major support/resistance on the weekly chart dating back 5 years. A major one.
The blue line is 8,100$. It is also a major support on the weekly chart dating back 5 years.
The yellow line is one of the most important lines in crypto too. It is 5,100/5,200$.
I used color coded arrows to show all the times each was support over the last 5 years.
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Now comes the crazy part. I copied the fractal of the 2020 bullrun. I flipped it upside down on the logarithmic chart on accident. Just for fun I decided to put it at 65k and see what it looked like. I looked at the chart and noticed 3 very brutal crashes. Well, I looked at the price points those crashes came to.
And…
Each of those 3 crashes crashes to a MAJOR MAJOR support line on the weekly chart.
11,500$ was a spot I was waiting to buy at. 8,100$ was a spot i considered too. Then… I noticed that 5,100$ happens at the spot where those two bold white dashed lines meet.
I decided to research 5,100$. I wanted to see what 5,100$ was. Was it a major support/resistance that I completely neglected to look at?
Well… Yes. Yes it was. 5,100$ was insanely important. When bitcoin fell below 5,100$ in november 2018 it created the crash to 3k.
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So… I think our January-May 2022 bear market will have 3 distinct crashes.
I think after we top out in our bullish area we are in over the next month or two (i think around 56,800$ at the moment)…
We crash to 11,500$. Then pop upwards a bit.
Then crash to 8,100$. Then pop upwards a bit.
Then crash to 5,100/5,200$. And that 5,100/5,200$ somewhere around april/beginning of may 2022 IS the bottom. And it’s going to start a new bullrun.
It’s going to start a new bullrun similar to march 2020. I no longer think we’re long term going to start a super bear market. I now think 5100/5200$ holds as support and I think 2025 will bring the biggest bitcoin bullrun in history. Probably 300k in 2025.