Your chart does not take into account stock to flow, halving, or that by 2021 BTC will have S2F over 50. Stock to flow over 50 gets almost to Gold levels, which implies higher than 50k per BTC.
You are also not considering that this current downtrend is more like pre-halving 2016. If you consider your chart around June 2017, that drop was succeeded by 10x gain, and would have had your same argument.
It would have been wrong in 2016 and is wrong now. Patience.
MrWhale
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@MoneyPatterns, well see. historical information does not predict the future.
Rojke
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Trendlines who only hit 2 times are no valid trendlines.. every trader should know that..
MrWhale
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@svr88, this trend line validates that we are still in distribution...every trader should know that.
You are also not considering that this current downtrend is more like pre-halving 2016. If you consider your chart around June 2017, that drop was succeeded by 10x gain, and would have had your same argument.
It would have been wrong in 2016 and is wrong now. Patience.