If we follow historical price action when 2017 all time high was being tested at $1.163 per one Bitcoin, Bitcoin seen a 35% drop from the test of ATH before breaking it.
In the present 2020 time this drop would mean a 35% drop from $20.000, which is located at $13.000 per Bitcoin which corresponds to daily 200 EMA.
When we consider the fact that Bitcoin is more widely spread, the demand is significantly higher and also the market cap is way higher, such correction to $13.000 is unlikely to happen and we would rather expect a revisit to 50 daily EMA which is located at $16.700.
The big difference is also in the strong denial we’ve seen in 2017, as the double top resulted in a immediate sell off, that we didn’t saw these days when current all time high was retested.
Move to $13.000 is pretty unlikely, but still possible based on history even when considering these mentioned factors that are in the favor of bulls.
In the present 2020 time this drop would mean a 35% drop from $20.000, which is located at $13.000 per Bitcoin which corresponds to daily 200 EMA.
When we consider the fact that Bitcoin is more widely spread, the demand is significantly higher and also the market cap is way higher, such correction to $13.000 is unlikely to happen and we would rather expect a revisit to 50 daily EMA which is located at $16.700.
The big difference is also in the strong denial we’ve seen in 2017, as the double top resulted in a immediate sell off, that we didn’t saw these days when current all time high was retested.
Move to $13.000 is pretty unlikely, but still possible based on history even when considering these mentioned factors that are in the favor of bulls.
