BTC - 140,000+ USD More Than A Pipedream?
Some quick spit-balling around the potential cycle trend for Bitcoin (near-term analysis is less useful at this juncture)
As you can see Bitcoin's prior peak in 2017 was the 78.6% fib extension from the prior cycle, using this same method the same value (78.6%) is over 140,000 USD, this number that JPM analysts reported several days ago.
first move - to the 78.6 fib extension
second move - to the 78.6 fib extension
Furthermore, there is a clear logarithmic channel present in Bitcoin, we are currently at the mid-point of this channel, and the upper range of this channel in-fact exceeds the 140,000 USD target, the exact point is unknown as the rate of growth for Bitcoin will surely change, either faster (higher prices sooner, but lower overall in the channel) or more slowly (slower price growth, but more sustained and higher overall prices).
cyclical channel
Nevertheless, Bitcoin will undoubtedly be a 6-figure assets class AT SOME POINT, I do not know when, however with the Democrats set to hold (barring further legal challenges) the executive branch, and both legislative branches (the senate being in question currently), the massive spending WILL continue, which will only facilitate higher and higher asset prices.
Do yourself a favor and position yourself accordingly, cryptocurrencies, precious metals and hard assets are set to benefit tremendously in the next few years.
-TradingEdge
As you can see Bitcoin's prior peak in 2017 was the 78.6% fib extension from the prior cycle, using this same method the same value (78.6%) is over 140,000 USD, this number that JPM analysts reported several days ago.
first move - to the 78.6 fib extension
second move - to the 78.6 fib extension
Furthermore, there is a clear logarithmic channel present in Bitcoin, we are currently at the mid-point of this channel, and the upper range of this channel in-fact exceeds the 140,000 USD target, the exact point is unknown as the rate of growth for Bitcoin will surely change, either faster (higher prices sooner, but lower overall in the channel) or more slowly (slower price growth, but more sustained and higher overall prices).
cyclical channel
Nevertheless, Bitcoin will undoubtedly be a 6-figure assets class AT SOME POINT, I do not know when, however with the Democrats set to hold (barring further legal challenges) the executive branch, and both legislative branches (the senate being in question currently), the massive spending WILL continue, which will only facilitate higher and higher asset prices.
Do yourself a favor and position yourself accordingly, cryptocurrencies, precious metals and hard assets are set to benefit tremendously in the next few years.
-TradingEdge
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.