Bitcoin to See Key Inflection Point in Coming Weeks
- Bitcoin is likely about to visit a key inflection point, historical data shows.
- Philip Swift, a crypto-asset analyst, recently noted that over the past four years, Bitcoin has undergone a crucial reversal in the middle of December, namely between December 15th and 18th.
- This cyclicality would suggest that Bitcoin is likely to undergo an inflection point come the middle of December.
Bitcoin to See a Key Inflection Point, Historical Data Shows
Bitcoin is likely about to visit a key inflection point, historical data shows.
Philip Swift, a crypto-asset analyst, recently shared the chart below. It shows that over the past four years, Bitcoin has undergone a crucial reversal in the middle of December, namely between December 15th and 18th.
In 2016, Bitcoin began in a parabolic bull run from sub-$1,000 price levels to $20,000. In 2017, the leading cryptocurrency reached a cycle top at $20,000. In 2018, BTC bottomed in the $3,200 region after a brutal bear market.
This cyclicality would suggest that Bitcoin is likely to undergo an inflection point come the middle of December, just over 10 days away. Swift suggests that this could be a bullish inflection point that may kickstart another parabolic bull run:
“The cyclical nature of Bitcoin: 15-18 Dec 2016: Parabolic bull run begins 15-18 Dec 2017: Cycle top 15-18 Dec 2018: Cycle bottom 15-18 Dec 2019: Post Plustoken low 15-18 Dec 2020: ??? Perhaps nothing this year OR…small pullback into mid-Dec before new parabolic bull run?”
Chart of BTC's price action over the past few years with a cycle analysis by crypto trader Philip Swift (@PositiveCrypto on Twitter) Source: BTCUSD from TradingView.com
Betting on Bulls
While some are growing bearish here, saying that Bitcoin has rallied too far and too fast, many are betting that bulls will win.
Long-time Bitcoin analyst Willy Woo recently stated that his models suggest the coin will surge toward $200,000 and $300,000 in the coming year. Referencing one of his price models that predicted previous highs in the price of the leading cryptocurrency, Woo recently wrote:
“My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins. You all are geniuses.”
Woo is also bullish on Bitcoin for fundamental reasons. As an on-chain analyst, he has seen a concerted effort to accumulate the leading cryptocurrency over recent months, which will end up “send[ing] BTC”:
“I’ve never been so bullish for 2021. This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”
Many also expect digital assets and alternative currencies to gain traction as the U.S. dollar continues to slide lower and lower. The value of the U.S. Dollar Index (DXY) just pushed under 92.00 according to key data sources.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin to See Key Inflection Point in Coming Weeks