#Bitcoin is currently trading within a symmetrical triangle pattern, and a decisive breakout or breakdown is essential to determining the next directional move for Bitcoin.
In this context, the 200-day moving average (200MA) is functioning as a support level.
Stay tuned for further updates; I will continue to provide information as the situation develops.
This graph shows the relative strength of this uptrend is to measure the depth of pullbacks from the most recent local high. The deepest correction in 2023 has been a remarkably shallow -20.1%, standing out as the shallowest of any historical macro uptrend.
The 2016-17 bull market saw regular corrections exceeding -25%, whilst 2019 pulled back from the July-2019 high of $14,000 by over -62%. This suggests a level of underlying demand support in 2023 which aligns with the increasingly tight supply dynamics
Anticipating a Massive Altcoin Season: Exploring Potential Growth in Market Cap
Introduction:
The cryptocurrency market is abuzz with predictions of an impending altcoin season that could lead to a staggering $5 trillion Altcoin MarketCap by 2025. This forecast is grounded in historical data, fractal analysis, and chart patterns, suggesting a pattern reminiscent of previous market cycles.
Historical Context:
Examining the historical data reveals intriguing patterns:
After the all-time low (ATL), it took 762 days for the Total Market Cap to surpass its previous all-time high (ATH). If history repeats itself, a new ATH could be reached approximately 761 days from today, potentially around December 2024. The last bull run lasted about 1066 days, and the current one is expected to span between 1071 to 1064 days. Fractal Analysis:
The fractal analysis unveils a compelling narrative:
In 2014–2015, the market experienced 610 days of consolidation. 2016-2017 witnessed a parabolic rise in Altcoin MarketCap, hitting Extension 3.168 at around $400 billion. 2018-2019 saw another 609 days of consolidation before a breakout. Currently, in 2022-2023, the market has undergone 548 days of consolidation, hinting at an imminent breakout. Future Projections:
Building upon the historical context and fractal analysis, the projection for 2024-2025 unfolds:
Anticipating that Altcoin MarketCap will experience a surge, reaching Extension 3.168, estimated at $5 trillion. The expected timeframe for this extraordinary surge is set for the period of September to October 2025.
VIP MARKET UPDATE: $BTC ➖➖➖➖➖➖➖ Following a notable correction, the market underwent a sharp adjustment that effectively alleviated downward liquidity pressures. Subsequently, it rebounded decisively from the potential reversal zone associated with the shark pattern. Presently, it is maintaining a position above the upper horizontal support level, indicating a potential consolidation or further upward movement.
The current scenario presents two key possibilities: a continuation of the upward momentum, potentially marked by a bounce from the current level or a retracement towards the lower marked support. Should the latter occur and the market breach the lower support, it would signify a bearish signal, warranting caution and careful observation of subsequent price actions.