While the price of Bitcoin seems to have completely diverted from the four -year cycle that dictated the previous bull and bear markets, there are Still some similarities This remains that it suggests that it could still take place similarly. The main resemblance that emerged is the formation of a reliable crab model in 2021 and now the same model has reappeared. Therefore, taking a look at the direction of the 2021 formation could give a view of where the price of Bitcoin is directed from here.
The model that activated the explosion of Bitcoin prices
In an analysis, the cryptographic analyst Weslad was the one who underlined that the reliable crab model had returned, and this was also formed on the daily graph. It is interesting to note that current training seems strangely similar to the way it was formed in 2021, suggesting that the resulting trend could carry out the same.
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In 2021, when the reliable crab model arrived, the result was an explosion of the prices that sent the Bitcoin price to the maximum of $ 69,000 of all time. This “Blow-off top” rally is usually the latest event in a bull market and its end often marks the beginning of the next bears market.
With this model, however, there are a number of objectives to pay attention that they could show where the price is directed later. The first of these is that the price of Bitcoin should complete a daily closure above the level of $ 124,545, and this is known as activation trigger.
The next in line is what Weslad calls “Buy the immersion area”. This would be the ideal price range to enter Bitcoin in the case of a portrait, and this is between $ 118,000 and $ 120,000. A dip in these levels is nothing to worry about, as it means that bulls still have control.
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Both areas outlined above, if held, would see the price of Bitcoin continue its bullish manifestation. If the final and explosive leg takes place as in 2017-2021, the crab model suggests that the Bitcoin price will go to at least $ 136,000, with an extended objective of $ 147,000 and the possibility that it goes beyond $ 160,000.
However, the final goal is the bearish one that could send the price of the bitcoin that crashes downwards, and is located at $ 107,000. According to the Crypto analyst, a break below this level would invalidate the entire bullish thesis, calling it the “line in the sand”. Weslad explains that “the level of disabled at $ 107k is crucial. A break below means that the installation is broken and we must re -evaluate”.
First floor image from Dall.e, tradingView.com graphic