Where can #Bitcoin Go?
Updated
Anyone is entitled to an opinion and an analysis and you probably already know mine about Bitcoin.
Today I will not talk about it's value, fundamentals or nature. I will stick to some chart findings and based on those I will dare to give 2 Targets (projections):
Target 1
42,000$ this summer (Jun-Jul 2023)
Explanation: The yellow line. it has acted as support/resistance level one too many times.
In June 2019 it acted as Resistance.
2 Years later In Jun 2021 as Support
2 years later it will be Jun-Jul 2023. Can it possibly cross from there again?
If yes it will be around 42k-45k BTCUSD
Target 2:
120,000$ at end of 2025
Explanation:
The green boxes are the Bitcoin Halvings.
All time High of 2017 was around 550 days from halving n2
All time High of 2021 was 565 days after halving n3
End of 2025 could be ATH again, roughly 560 days after having n4
We do have some price history to estimate roughly 120k BTCUSD but that will be difficult to meet. Regardless, the difference in days between halving dates and ATH dates could very likely be more than a coincidence.
Let me know your comments. No need to take these too seriously unless you want to.
Personally i remain extra Bullish on Bitcoin from here until end of 2025.
ps. Please keep in mind that there is a valid scenario of revisiting the lower level in 2024, just like like it did in 2022 but this could be on the yellow level if it gets breached and ends up being a support. In due time I will make a video and explain the chart in more detail.
One Love,
The FXPROFESSOR
Today I will not talk about it's value, fundamentals or nature. I will stick to some chart findings and based on those I will dare to give 2 Targets (projections):
Target 1
42,000$ this summer (Jun-Jul 2023)
Explanation: The yellow line. it has acted as support/resistance level one too many times.
In June 2019 it acted as Resistance.
2 Years later In Jun 2021 as Support
2 years later it will be Jun-Jul 2023. Can it possibly cross from there again?
If yes it will be around 42k-45k BTCUSD
Target 2:
120,000$ at end of 2025
Explanation:
The green boxes are the Bitcoin Halvings.
All time High of 2017 was around 550 days from halving n2
All time High of 2021 was 565 days after halving n3
End of 2025 could be ATH again, roughly 560 days after having n4
We do have some price history to estimate roughly 120k BTCUSD but that will be difficult to meet. Regardless, the difference in days between halving dates and ATH dates could very likely be more than a coincidence.
Let me know your comments. No need to take these too seriously unless you want to.
Personally i remain extra Bullish on Bitcoin from here until end of 2025.
ps. Please keep in mind that there is a valid scenario of revisiting the lower level in 2024, just like like it did in 2022 but this could be on the yellow level if it gets breached and ends up being a support. In due time I will make a video and explain the chart in more detail.
One Love,
The FXPROFESSOR
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