Today, in addition to my daily cryptocurrency analyses that I share on my Telegram channel, I want to take a closer look at Bitcoin’s price weekly logarithmic chart.
Firstly, the chart examines growth and fall cycles, sometimes referred to as economic cycles or trade cycles. As you can see in my analysis, the growth cycle usually lasts approximately 150 weeks and is always longer than the fall cycle that spans out over the course of approximately 51-60 weeks.
150 bars on Bitcoin’s weekly price chart, mark the beginning of a next pulse of the growth cycle that we are currently in. Everything in our life is based on cyclical patterns, especially when it comes to financial markets.
Based on Kondratieff’s scientific works on periodic waves theory, that refines up and down movements of the modern world economy, we can predict that Bitcoin is yet to go through another 3-4 annual cycles. As many already know, all theories that have worked effectively in traditional financial markets will be carried out into cryptocurrency markets. But until Bitcoin will cross $6,000 price mark, nothing is set in stone.
In this bear market that lasted 51 weeks, a lower channel was formed, which has been broken by a strong impulse movement and high volumes. But at the top, there is a serious mirror resistance level in the region of $5,800-$6,000. The MA50 and 100 also have to be broken in order to keep the momentum
An ascending triangle figure is also emerging on the Bitcoin price chart, which could potentially signal upward breakout. Since there are a lot of good news about cryptocurrency and, especially Bitcoin, this could be a unique investment opportunity for the next four years.