Crypto analyst and trader Ben Armstrong is unveiling the date he believes the Bitcoin bull cycle will come to an end.
Armstrong, known in the industry as BitBoy Crypto, tells his 635,000 subscribers that while Bitcoin is not done with its mega bull run yet, BTC holders should be prepared for its finale, because when the king coin crashes, it will drop fast.
“It has happened to countless people in 2018… I watched my portfolio grow only to be absolutely destroyed. Why? Because I didn’t understand the market psychology at that time. I didn’t understand that when you’re at your most excited point, that’s when it crashes. At that moment where you don’t want to sell the most, that’s when it’s the smart move to get out.”
While the high-profile analyst concedes that it is impossible to know exactly when Bitcoin will top out this cycle, he does reveal that he believes it will happen during a specific two-week period.
“The most parabolic rally in the crypto cycle comes at the very end of the last month. But here’s the thing – I know when that is.
I know exactly when the Bitcoin bull run will end and while, yes, I couldn’t possibly nail it exactly on the day, we should know the date when it should end. It may end a week or two before or after, but a two-week period near the end of September is exactly when you should be looking to exit.”
Armstrong says that he derived his prediction from The Golden Bull Cycle Ratio, which is a chart created by TradingShot, a group that produces data on TradingView.
The chart relies on the Bitcoin bull cycles of the past to predict how long future bull cycles will last.
“As you can see, in the previous two cycles there was exactly a 51-49% ratio in the weekly candles between the two distinct parts of the bull run.
51% of the bull run lasts from the bottom of the market to the Bitcoin halving that occurs every 210,000 blocks produced. Then 49% of the bull run lasts from the halving date to the very top of the market.
When you work those dates out, it is 504 days from May 11th, the day of the 2020 halving… That gives you the date of September 28th.”
While there is of course no guarantee that history will repeat itself, Armstrong points out that this cycle looks eerily similar to that of 2017, meaning that Bitcoin’s true parabolic rally has yet to begin.
“But when you overlay the current bull run to the last one we are matching it almost tit for tat…
We’ve not gone parabolic yet so there’s no reason to believe that anything different than the normal will happen.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Robert Davies
Credit: Source link