Has Bitcoin Finally Downgraded?

These sequences include a massive rally beyond the previous record high, followed by a deep correction extending from 78% to 96% of its upward move. Bitcoin touched a 78% retracement from the current fifth parabolic cycle in mid-June. So I said that BTC has reached its corrective low and may now be in the consolidation phase, the last of the three steps in these cycles.

Looking at the previous four cycles of parabola high and low, I realized that in only one case, the 78% retracement was a sign of the end of the correction (April 2013). Moreover, it reached a 78% retracement in the same month that it reached a new high.

This is weird because all the other courses have much longer and deeper retracements, but it fits the rest of the parabola high and low criterion, so I got my prediction for a “at least” 78% retracement. Looking deeper into the data, it appears that the 78% bottom was unexpected which is a very optimistic prediction as the other three completed cycles hit the bottom between the 92% – 96% retracement and took anywhere from 6 months to 22 months to reach it. bottom.

Now, with the exception of the first parabolic cycle in 2011, the bottom range is between 78% and 92%. For our current cycle between $17,800 and $9,000, so to cap it, we will use another method of technical forecasting, which is Elliott wave.

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