Bitcoin (BTC) is following 2013 like a carbon copy. The price will likely consolidate for the next few weeks just like it did in 2013 before a big rally. Technical analysis on a relatively small time frame is often rendered false by algorithms and bots that have mastered the game over the years. This is why many traders believe that technical analysis simply does not work on smaller time frames anymore. It used to work 15 years from now but today it does not work. However, long term trends are still an accurate indication of where the price might be headed in the times to come. In the case of Bitcoin (BTC), that long term trend spans over a period of 6 years which is good enough for us in a relatively nascent market like that of cryptocurrencies.
The common understanding about such long term trends as in the case of Bitcoin (BTC) is that these trends are supported by real life events. For instance, if Bitcoin (BTC) has reached its peak for a cycle, you can expect some FUD in the form of an exchange raid in South Korea or a country ban on Bitcoin (BTC) which leads to a continuity of the macro play. This is true not only of Bitcoin (BTC) but of other markets like forex and equities as well. It is often difficult to put a price target for a volatile asset like Bitcoin (BTC) in the near future but looking at the big picture, one can see what follows next.
Bitcoin (BTC) is a lot more popular and useful than it was back in 2013. Its only significant use case at that time was that you could use it to buy drugs on the dark web. This led to a lot of criticism against Bitcoin (BTC) but it continued to grow in the face of all the negativity and rejection. This is no different than when the Internet first set out towards mainstream adoption and the rejection and negativity it faced along the way. However, just like the Internet, Bitcoin (BTC) continued to grow. When the price reached $1, most people were surprised. When the price increased and reached $10, most people called it a scam and said this is the time to sell as it will not go any higher. Bitcoin (BTC) dropped straight to $2 but it continued climbing up from there.
Bitcoin (BTC) currently stands at a point where fear and uncertainty is again at its highest. There are those who question if we will be able to reach $20k ever again. If you have been following around for long, you would know that these concerns are not new. People thought the same when the price was at $200 and then again when the price was $1,000. Bitcoin (BTC) has reached unprecedented levels of adoption today with large financial institutions preparing to get involved. Traditional investors are buying Bitcoin (BTC) as a hedge against other markets and failing governments. It is a lot easier today for the common investor to buy Bitcoin (BTC) then it was back in 2013. Exchanges like Binance are working on BTC to fiat pairs. Meanwhile, NASDAQ has shown a keen interest to get involved. Fortune 500 companies are starting to build their own blockchains or work with the ones that already exist. Bitcoin ETFs are also under consideration. All these developments signal a growing interest in Bitcoin (BTC), one that will most likely translate in a price increase to $116,000 or higher by the end of 2018.