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In this market cycle, Where are we now with bitcoins , ....according to you
Well IMO we are either at beartrap or despair, but as others have said this graph can be really applied to many things and its relevance to
BTC has to be questioned. The main problem being we haven't been through all of the background phases of the chart i.e investments, public etc. Which if you go by my guess' means that we are at beartrap, but the pattern of the line looks awfully similar to what we have witnessed meaning we could be at despair. Who the fuck knows where we are jumping from 90-100, but if you take either of those predictions then at least the only way is up eh.
You will see this same chart over and over again on different scales. In a way we could very well be at both. It is just the perspective.
Looking at these charts trying to predict the future is wasted energy. You could as well open a fortune cookie to see what the price is going to do.
You should look at the long term and mid-term fundamentals and these are both looking great. The last couple of weeks millions of people heard about Bitcoin for the first time, thousands of them opening trading accounts. According to
the MtGox figures there are 19000 people a day opening new accounts bringing in millions of fiat. Sure they are spooked by the events of the last days, but when the price climbs they'll rush to get in again.
In the long term we see tremendous efforts by investors and companies creating a better Bitcoin infrastructure. We all know the potential this technology has and it good to see people are working hard trying to realize this. Bitcoins were priced well above $200 some days ago, they should be priced over $2000, so IMHO I wouldn't waste a second and buy now, as sellers are practically giving them away for free.