BTC - Which Way?
Updated
Greetings Investors,
BTC has no doubt gone parabolic like it did during its last run up 2017. A couple of differences in price tops and time length is being shown however. However, I believe that we are at a crossroads here. Which way will BTC break? In one point, due to the parabolic move resembling almost exactly what happened in 2017, which would induced a blow-off top here - around 35k, BTC could launch into another 12-18month Bear Cycle and correct down to around 7k, which would mimic an 80% correction, like it did back in 2018. This is followed by a period of sideways action, then another Bull market in 2023 (which I think will be the BIG ONE!)
On the other hand, there is a possibility to trade up to a 76k TOP (20x increase from bottom), just like it did in 2017...
I am leaning towards a correction myself, and more data is showing that this is the most likely outcome now, like the Oversold RSI indicators flashing. However, Crypto is wild and can/will set new precedents, especially as the world jumps aboard. If we split the difference, we are still speaking of a BTC Price Point of 55k, with about 4 months to go before the next Bear Market cycle.
Thoughts?
Bests,
JP - OUT
BTC has no doubt gone parabolic like it did during its last run up 2017. A couple of differences in price tops and time length is being shown however. However, I believe that we are at a crossroads here. Which way will BTC break? In one point, due to the parabolic move resembling almost exactly what happened in 2017, which would induced a blow-off top here - around 35k, BTC could launch into another 12-18month Bear Cycle and correct down to around 7k, which would mimic an 80% correction, like it did back in 2018. This is followed by a period of sideways action, then another Bull market in 2023 (which I think will be the BIG ONE!)
On the other hand, there is a possibility to trade up to a 76k TOP (20x increase from bottom), just like it did in 2017...
I am leaning towards a correction myself, and more data is showing that this is the most likely outcome now, like the Oversold RSI indicators flashing. However, Crypto is wild and can/will set new precedents, especially as the world jumps aboard. If we split the difference, we are still speaking of a BTC Price Point of 55k, with about 4 months to go before the next Bear Market cycle.
Thoughts?
Bests,
JP - OUT
Note
FYI: Institutional Investors are not buying BTC at these prices. The Risk/Reward is not appropriate for them. What this latest run up has done is convince them to get it during the next Bear Cycle. Which will inevitably lead BTC to run into the 6-figs in 2023, and stay there permanently. Patience will be rewarded here.
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