The collapse of Bitcoin in April caused many investors to make losses and stay inside. Although Bitcoin has reached its all-time high again, many altcoins have not been able to perform the same. While the investors who remained inside were waiting for the altcoins to come to their costs in order to close their losses, the eyes were turned to Bitcoin.
Although Bitcoin’s drop from $67,000 caused a short-term panic, we saw that the $60,000 level was very well protected. In our previous analyzes, we stated that the profit sales experienced by Bitcoin after making ATH are reasonable and the decreases are buying opportunities. At this point, we see that investors, who turned the declines into opportunities, are smiling with the current performance of the market.
The rise in altcoins is primarily dependent on the movement of Bitcoin, but will the rise in Bitcoin continue?
Some images by Therationalroot show that the consolidation process that took place in Bitcoin, similar to the 2013 and 2017 bulls, has just been completed and the parabolic rise will continue from now on.
When we look at the chart, we see that the consolidation process, which followed the first upward wave in 2021, took 189 days and thus shows more similarity to the 2013 bull.
Commenting on the chart, Therationalroot stated that a final decline in the range of 17%-34% is possible, but he maintains his expectation that the parabolic rise will continue later.
“The consolidation process has been completed. Maybe we can see a bear bottom. Then the parabolic rise can continue.”
Analyzing the time between the new peak and subsequent 70% corrections in each bull cycle in a single chart, the analyst stated that the peak has not yet been seen for the 2021 bull in Bitcoin.
We shared Therationalroot’s chart on 31.08.2021 when Bitcoin was at $ 47,000 and stated that the real peak was not seen in Bitcoin. In this analysis, we stated that the price could decline to the level of $41,000, but this would be a good buying opportunity. When we look at the current chart of Bitcoin, we see that Therationalroot’s expectations at that time came true.
News dated 31.08.2021:
“When we combine these two analyzes, we can see serious rises in Bitcoin after September. If Bitcoin is repeating its previous cycles in this bull as well, what we’ve seen so far is just the trailer, the real bull is just getting started. 31.08.2021”
*Not Investment Advice.