There is a possibility that you might have missed your chance to purchase Bitcoin while it was below fifty thousand dollars. I hope that is not the case, but this particular correction that Bitcoin is in may be one of the last chances you might get to purchase Bitcoin for under fifty thousand dollars. Fifty thousand dollars is not the end of this bull run, and Bitcoin will surge aggressively in months to come; a six-digit Bitcoin is going to happen by the end of 2021. So the opportunities you might get to purchase Bitcoin under fifty thousand dollars during the dips in this particular bull market correction are getting slimmer day by day.
It is not entirely specific for sure how long this particular downtrend will last; even though we are currently over fifty thousand dollars, there is still a probability that we will go under fifty thousand dollars as the correction continues.
Bitcoin has only achieved two new price peaks during this bull cycle, that is, forty-two thousand dollars and fifty-eight thousand dollars. Both of those peaks were followed by significant corrections, and we have only had two since we broke the all-time highs during this bull run.
During the last bull run, we had eight new peaks after breaking the previous all-time high. This does not mean that we will have eight peaks in the correction cycles for Bitcoin during this cycle; we could have more, we could have less, but fifty thousand dollars which is our second price peak in this bull run, will not be our highest watermark.
The chart above shows a selected group of corrections accompanied by price pumps that came after them when we started vetting to the price discovery phase again.
You can observe that after each significant correction for the price happens to rally a bit from resistance into support which means that once our current correction cycle ends, it will be unlikely to see Bitcoin under fifty thousand and even fifty-five thousand dollars again during this bull market. These patterns serve as yardsticks that we use when predicting how the wave at which the Bitcoin market might follow; they do not dictate the future, but these markets tend to follow a similar fashion.
With the way the market structure is changing and evolving, institutions investing, big money flowing in, we might not get a dramatic bear cycle this time. We might not get an 85% drop during the best market.
