What has been will be again, what has been done will be done again; there is nothing new under the sun. – Ecclesiastes 1:9

WD Gann was fond of repeating this verse because Gann came to the conclusion that all of nature is a set order and pattern that repeats itself; that nothing is random or new. Bitcoin shows the same pattern, over and over. In DOW theory, we have these phases:

  1. Accumulation
    1. public participation
    2. excess (bubble phase)
  2. Distribution
  3. Panic
  4. Accumulation

Below are images of Bitcoins rotating phases. And every accumulation phase is met with a greater, larger and more expansive public participation and excess wave. Where are we now? Very obviously, the accumulation phase (which is also called consolidation). And one of the greatest pieces of evidence and proof of a consolidation phase is that the fundamental environment (news, sentiment) is inherently bearish, but prices no longer have steep declines.

May – July, 2010


Oct – Dec, 2011



March – May, 2013



Oct – Dec, 2013



June – August, 2015



May – July, 2016



Nov 2017 – February 2018