Specializing in cryptocurrency technical analyst under the name Galaxy came to the conclusion that a new rally of bitcoin prices will start in the second half of 2019.
“The future lies in the study of the past”
We’re approaching the 420 mark day 2015 which ended the bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019. $BTC #bitcoin pic.twitter.com/VX8ok9oFue
— Galaxy (@galaxybtc) 14 January 2019 R.
According to Galaxy, to know the future, you need to study the past. In support of this thesis he cites the weekly chart, where you can see that in the past year, the price movement of bitcoin was almost the same as in 2014. Then the bear market lasted 420 days (60 weekly candles).
After the RSI has reached the “bottom” began the accumulation period, which lasted about six months. Then, in the run-up to 2016 followed by a bull market that lasted 826 days.
According to the calculations of Galaxy, the current bear market is almost over, because since the beginning of the rapid fall of bitcoin prices has passed about 400 days. Moreover, the RSI for the first time since 2015 started from the bottom border.
As before, he said, ahead of the accumulation period with a duration of about six months, and then a meteoric rise, both in 2016-2017
In comments to the tweet soon came the skepticism that Galaxy too optimistic, and that history is not repeated:
Too optimistic. History doesn’t repeat, it rhymes
— Minajati (@minajati) 14 January 2019 R.
the history never repeats
— CryptoHool (@ID281488) 14 January 2019 R.
ForkLog previously published forecasts from leading representatives of kryptonyte.