We have the king of cryptocurrencies hitting new all-time highs right now, on the verge of $ 51,000. Obviously, it is in absolute free rise.
In last week's bitcoin analysis we said that everything was still in order at bitcoin. That it was deploying a short-term corrective movement (reaction phase) and then set course for $ 50,000 and then $ 100,000. And that's where it goes. Although who says 100,000 can say 200,000 dollars. Nobody knows, let's not fool ourselves. We only know that bitcoin is capable of everything. The best and the worst. At the end of 2017 it was hitting $ 20,000 and then plummeting to $ 3,000 (-80%). And now it's at $ 50,000. What is clear is that the underlying has always been bullish in terms of medium and long term even when it was plummeting at other times.
The recent history of bitcoin shows us that every time a new bullish cycle starts, this enters a parabolic upward movement that will last a year and then correct / drain the rises during a period that lasts two years. In this period the price corrects about 80% from the previous rise and then a new 'halving' arrives and from there, little by little, a new bullish cycle is built. The current bullish cycle would still be far from being reached and therefore the possibilities of bitcoin are many. I still remember many analysts / banks / broker when at the end of 2017 they compared bitcoin to the tulip bubble. And look where it is now. Well that … don't tell bitcoin what it can or can't do because this one is capable of everything.
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