A crypto strategist that accurately mentioned the Bitcoin correction last year thinks that BTC almost addresses a parabolic rally based on historical priority.
Pseudonym analyst stretches Capital tells his 533.100 followers on the social media platform X that Bitcoin is in week 14 of his price discovering phase IS-A Bull-Market stage that started when Bitcoin overshadowed the all time of the previous cycle at the end of last year.
According to the trader, historical data suggest That BTC can be a few weeks away from starting his next leg.
“In week 14 of the 2017 cycle, Bitcoin recovered from his first price discovery correction to make new highlights in week 16.
In week 14 of the 2021 cycle, Bitcoin was still just at his first prize discovering correction to make new highlights in week 16.
It’s week 14 now. ”
Stretches Capital notes that traders to refuse To unload their BTC pile in the midst of the correction, will probably be rewarded in the coming weeks.
“Based on this data, this is how these coming weeks can be approached in price discovery when it comes to Bitcoin:
Weeks 14-15 = patient hodl (keep for a hot life)
Weeks 16+ = optimistic when confirming the 2nd prize discovery trend. “
The trader too highlights That he thinks the Bitcoin Bull market still has a long way to go.
“It is still relatively early in the parabolic BTC phase of this cycle.
Historically, this phase lasted on average ~ 300 days.
Bitcoin is on day 82 of his parabolic phase. “
At the time of writing, Bitcoin acts at $ 101,163.
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Generated image: dalle3