Bitcoin is in a wedge pattern. Longer than we think. In this chart it shows the trading range Bitcoin has been in since November:
It may not look good but this is healthy, as Bitcoin recovers from a massive run up from 3/2020 to 11/2021. It went from $3,800 to $69,000 in that time frame!
In the chart below, we can see halving circles in red, local top circles in blue, and cycle top circles in green. We still do not believe Bitcoin will see a permanent price run up and this is still a bull market cycle like in the past. Thus, a cycle top is eminent in 2022. We had always said in past blogs this bull market cycle would end in a cycle top either in late 2021 or early 2022. Now that year end is two days away. The cycle top will be lengthened out to sometime in the 1st QTR 2022. Maybe it gets pushed out to the second QTR. This is how we still see, and we understand many “experts” are moving over to the super cycle theory with Dan Held. We just see this as a lengthened cycle, but no super cycle. We are expecting a bear market later in 2022. Here is the chart below:
Below is a chart showing bullish divergence. A reversal in the chart is expected: