Bitcoin has resumed its downward trend and as of 4:45 PM, ET is trading lower by almost $1,300 or (-6.38%) at $18,880. It broke through support which was the 2017-2018 high of $19,660 and seems destined to trade to the 2019 high at $13,880.

“We are in the midst of the fifth of these parabolic cycles. The first rule has already been met when in December 2020, we traded above the previous record high ($20,00), and the monthly candle doubled in size. However, the final two characteristics point to the possibility that Bitcoin has yet to fully correct from the current record high in the market.

Bitcoin seems like it could have made its bottom seeing as it did hit our minimum target of $17,770 which represents the 78% retracement and has had a slight bounce off that level. The retracement used stretches from the lows of the covid crash ($3,825) to the all-time high ($69,000).

Bitcoin is simply doing what it has always done, after every parabolic rally going back to 2011 when BTC shot up from roughly $0.50 to $32, there was a correction that followed which wiped out at least 78% - 86% of the gains before another bull cycle began.

We have all heard this saying before, often told to someone who is faced with a setback as words of encouragement. The idea behind the phrase is that simply pulling through an issue of any sort will make you come out of it better adapted on the other side. This saying in my experience is almost always true, so does it apply to Bitcoin and its current bear market?

As we enter Summer Bitcoin is once again in the Southern hemisphere and the middle of Winter opposite America and Europe. For as harsh and frigid as the temperature in the crypto space has been and is forecasted to be, Bitcoin is showing resilience by forming a base right where it did last Summer. Exactly one year ago today, Bitcoin was trading roughly $3,000 higher than it is today.

With the price of Bitcoin now hovering above $30,000 once again the coin that gave birth to a revolution is showing its staying power and ability to weather bear markets better than most cryptos out there.

Bitcoin re-affirms range

Bitcoin is now forming its ninth red weekly candle, having broken through key support levels of $44k last month and $37,500 in May, declining by $15,000 the last two months.

Last year May 19th was a terrible day for a Bitcoin bull like myself. I remember it well because that date is my birthday. I didn’t get what I wished for that year, but this year a continuation of the massive sell-off in the market is exactly what I am hoping for.