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Hi everyone, one is over and it’s great that Bitcoin hits a new all-time high, but not a surprise. We’ve been looking forward to this since May.
Over the past months, bitcoin’s price action and on-chain data have been most closely aligned with what we’ve seen during previous pre-bull market consolidations. As a result, the market can be expected to follow a similar path — averaging sideways or down for 5-7 months before returning to the most recent high.
We are on schedule.
You know what happens next, don’t you?
NO, and neither do I, but we need to know what we need to prepare for.
Looking back, we’ll see all-time highs occur across every asset – they are inevitable in an overall bull market. Whenever the price ascends past the previous high, a new “all-time high” is created.
There are many interesting things to examine and compare Bitcoin’s all-time high with the massive recovery that Bitcoin has made since the new ATH was created. Let’s take a look back at some of the more significant rallies in the past.
Bitcoin hits $20, drops to $2
Bitcoin hits $1,150, drops to $178
Bitcoin hits $19,700, drops to $3,250
These are the three biggest and most important corrections, excluding price action below the $1 level. In addition to these three, there are two other drops that have removed 75% and 56% of Bitcoin’s value as they happened.
The 5 most prominent reductions are 94%, 75%, 86%, 85% and 56%.
In each case, Bitcoin will recover from the correction and rally to new highs. How much has it risen since its return to pre-crash price levels?
That is 708%, 343%, 1.620%, 228% and ____%.
Let’s take a look at the numbers above. It means AFTER RECOVERY back to the price where the crash started, it kept going up by those amazing percentages.
The percentage will be unknown after the bull run ends. We are at the moment just beginning our journey to discover it. This will be a slow process (this time it will be even slower) – it used to take up to 4 years.
The average price increase after 4 major rallies is at 724%.
What if Bitcoin only increased in price by a quarter of the 724% average above? That would be an 181% increase in price from where it is now – about $119,000. If Bitcoin increases in price by a quarter of the average, it will increase 362% from the current price. That brings us to $238,000 – a great point.
It’s hard to know the future, so just relax and enjoy the ride.
Next Week Events
Notable events for everyone next week:
October 25 – October 27: CoinAgenda Global is the event that connects investors, traders, family offices and digital currency funds with leading entrepreneurs in the blockchain and cryptocurrency sectors.
October 26 – October 28: Blockchain Expo Tokyo [Autumn] is a newly launched trade show for all kinds of blockchain technology, here you will have a great opportunity to introduce your technology to the Japanese market.
October 27 – October 28: Blockchain Life 2021 | Moscow is the main event of the industry. Over the past 5 years, the forum has gathered more than 4000 participants in the blockchain capitals of the planet (Singapore, Moscow) and asserted its status as one of the most important events in the world.
October 29 – October 30: Crypto Fest 2021 the event will be a gathering of more than 2,500 attendees, entrepreneurs, traders, investors, developers, industry enthusiasts, with a day presented with exciting keynotes , seminars, presentations, controversial topics, product exhibitions, contests and entertainment.
Below are notable news from the projects:
These are the important information in the coming week, hope that the information I provide in this article will help everyone.
Hello everyone and have a great weekend.
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