Here is a long-term chart of Bitcoin (BraveNewCoin Liquid Index for Bitcoin):
Bitcoin is one of the assets that historically benefits enormously from central bank money printing. Right now central banks have gone crazy with pumping out cash to stimulate their dying economies.
There is often a bit of lag between when the money is made available, and when the affected asset prices start increasing.
If history is to repeat itself, then Bitcoin will soon reflect significant price increases from the additional liquidity pumped into the system.
The chart above reflects this possibility. However, if the patterns should diverge, it could go into a multi-year bear rally.
I have marked two patterns (1 to 5), where 2 to 4 formed a rough wedge-type pattern. A breakout would reflect that BTC is benefiting from the money printing craze.
A breakdown would likely signal a multi-year bear rally.
The likelihood of a breakout outweighs the bearish possibility in my opinion.
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