Will Bitcoin Rally Again?
Will Bitcoin Rally again? A fantastic investing site I frequent is Seeking Alpha. One of the recent articles by Knox Ridley points to a coming rally. Ridley states that despite the steep 80%+ selloffs, Bitcoin has reclaimed new highs within 3.5 years, every time. Ridley goes onto say:
Bitcoin (BTC-USD) is the best performing asset of our lifetime. Given the history of Bitcoin’s awe-inspiring returns shown below, the single most important question for every investor in the market today is if this gravity-defying asset can do it again.
The bears want you to focus on the -77% bear market, as they have for all of the four major drawdowns Bitcoin has experienced. You will not hear one Bitcoin bear admit the truth, which is that Bitcoin has smashed every single performance record in equities within 15 brief years.
Check out this tweet by Knox from March 13, 2021 where he calls a top at $65k – $75k. He was bang on. Ridley also likes to point out how quickly Bitcoin has reclaimed its all time high in the previous drawdowns. Is another Bitcoin rally on the horizon? Click on the pics below for a larger view.
Bitcoin’s Coming Rally
Taking another quote form Knox Ridley’s recent Seeking Alpha article:
One of the simplest patterns to measure is that an uptrend moves in 5 waves up, then corrects in a 3 waves pattern down. Once we get 5 waves up and 3 down, we then repeat this pattern in a fractal manner. As of now, since the 2018 low, we only have 4 waves in place, which implies that we have one more 5th wave push before the larger bull cycle is over.
It’s worth it to read the full article by Knox Ridley here on Seeking Alpha.
Bitcoin rally 2023? This coming year will be an interesting year to say the least. If a “soft landing” is coming our way and the Fed halts it’s aggressive rate increases, will we have a new bull market? Will this bode well for Bitcoin and finally lead us to that proverbial 5th wave?
Cross your fingers and HODL!