BTC $30,000 By January
Updated
Back in early December I mentioned these Fibonacci targets for January. We had an accumulation phase for a week before the run-up on the 25th. I have since then gone long on the breakouts of 20k and 25k. Breakout trades where you go in when price closes above resistance is a very solid strategy with low risk. It is a type of trade I am very comfortable taking. I have to say I was surprised to see 25k broken before January though - as usual Bitcoin moved faster than expected!
I firmly believe there is enough gas in the tank to take us to the 30k target sometime in January before correcting to the downside. First, the dollar value is declining. Secondly, Mainstream hype still nowhere near 2017 levels (Google trends shows current interest at 27 relative to 100 in 2017) which could mean we have room to grow still. Third, recent price action is showing us that the bulls are in total control and not showing signs of slowing down. The green candles on the daily, weekly and monthly have had big bodies with small or no wicks.
When we do get the correction, we may see price find support at 25k or 20k.
What do you think?
I firmly believe there is enough gas in the tank to take us to the 30k target sometime in January before correcting to the downside. First, the dollar value is declining. Secondly, Mainstream hype still nowhere near 2017 levels (Google trends shows current interest at 27 relative to 100 in 2017) which could mean we have room to grow still. Third, recent price action is showing us that the bulls are in total control and not showing signs of slowing down. The green candles on the daily, weekly and monthly have had big bodies with small or no wicks.
When we do get the correction, we may see price find support at 25k or 20k.
What do you think?
Note
Keep in mind also that January is historically a bad month for Bitcoin so it is important to be careful. I am expecting a short-term top by mid-January.
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