BUY Signal on Bitcoin 1WEEK Timeframe

[ImThour]

Last time when it happened, Bitcoin went up by 85% in 180 days.

How about this time? I am expecting 41k before anything else.

85% from here will be $55k. That will be amazing.

Let's see how this one goes. 

[AbuBhakar]

Can you highlight on your screenshot what’s the same pattern for the buy signal before the 85% pump and the current price? Because all I can see on your chart was Bitcoin price is on a long dumping price trend before that 85% occur while the currency price is sitting on after the few correction of the 85% pump trend.

[Oshosondy]

How about this time? I am expecting 41k before anything else.

I too can guess that. I saw this on Twitter few weeks ago:



I think if we should guess what the price of bitcoin would be, this can be used to conclude by some people that bitcoin may still rise to $37500 or more before falling again.

But I do not know why I am not thinking that bitcoin might not go up to that price before halving.

All I am waiting for now is halving and followed by all-time-high prices.

[_BlackStar]

Code:

[img]https://talkimg.com/images/2023/08/14/GqMSD.png[/img]

Last time when it happened, Bitcoin went up by 85% in 180 days.

How about this time? I am expecting 41k before anything else.

85% from here will be $55k. That will be amazing.

Let's see how this one goes. 

First - for a better view I have to disable your image. Sorry about that.

Second - I don't expect that to be a misleading signal. I mean - the 85% increase seems reasonable after we've been in a sideways phase for a while. I hope the price will recover so that the uptrend can be enjoyed instead of just at altcoins, but bitcoin too. I haven't concluded anything yet - but yes, I hope it will come soon.

[fzkto]

There's a lot of talk about this signal right now. There are several threads about it on the forum, there is also a lot of discussion on Twitter. If manipulators really exist in the cryptocurrency market, then now is just a good opportunity to do everything against expectations. Maybe this signal worked really well in the past, but it seems to me that before the new growth there should be a fall.

[dragonvslinux]

Also created a topic about this half an hour before you, but guess you didn't see it 
See: https://bitcointalk.org/index.php?topic=5463250.0

Overall I'm a bit sceptical about this buy signal. It reminds me of July 2020 with multiple short-term miner capitulations and recoveries followed by eventual buy signal with the price increase, rather than a considerable capitulation of miners. So while I think it's bullish in the near term, I think it could take a few months to play out like it did in 2020, and meanwhile price may correct further or others stay sideways.

It's definitely a positive sign though, or at least has been confirming a bottom 12 out of 14 times previously. The other two times "only" saw a 50% increase soon after before making new lows.