It works every single time until it stops working. Playing the numerology game with charts and trends is astrology for people investing in the stock market.
The only question you should be asking yourself is: is Bitcoin actually valuable or is it a pure speculative bubble that's bound to burst sooner or later.
You can say that about gold. The metallurgical / industrial value is no where near $1,800/oz. It's a speculative bubble that's bound to burst sooner or later. Maybe after another 5000 years.
> The only question you should be asking yourself is: is Bitcoin actually valuable or is it a pure speculative bubble that's bound to burst sooner or later.
You could say the same thing about the US stock market
Ugh. Tulips weren’t scarce, easily transferable, divisible and didn’t last. The comparison has no place in a discussion. As for the bubble argument - there have been bubbles in other asset classes and no one calls them out as worth nothing because of overly aggressive speculation.
https://i.imgur.com/96bngmB.png
(If seeing on mobile, use "desktop mode" to see the HQ image)
- It goes up.
- Falls.
- Recovers to last high.
- Then moves up again.
- Repeat.
Yes, period of recovery varies.
Yes, every cycle percentage highs are getting less and less.
But one thing is constant: once the price recovers to the last high, a bull market starts.