2W BTC bull run profit targets
Updated
To determine possible stepping stones in the incredible journey of our favorite asset class (yes - bitcoin) we look at the bi-weekly chart, and draw fibonacci trend extension from near 0 to the peak in 2019 and to the all time low after that (122, 19690, 3120). We also draw the 100 moving average line to observe how BTC successfully bounced off it 2 times - in an essence confirming there there never was a bear market in the bitcoin life-time, at least not from the bi-weekly perspective.
We witness the HODLers triumph. (Well done, party people!)
We notice:
1) bitcoin currently is testing resistance at 1.618 extension level. This is a good time to take profits and to wait for a pull-back to re-enter. pull-backs to 30k, 20k are very likely in the next few months. even below 10k levels are possible if there is a significant negative news. No matter what happens - we predict that bitcoin wont' fall below 100 MA on the 2W timeframe. Fundamentals are way too strong: more and more institutional buy-ins, public interest all time high, relentless money printing by the governments).
2) using our tea-leaf indicator we predict new all time high above 40k before august 2021, and 85k levels by the end of 2024.
3) we watch out for ETH 2.0, and bitcoin profits moving into slakeable assets such as PolkaDot.
We witness the HODLers triumph. (Well done, party people!)
We notice:
1) bitcoin currently is testing resistance at 1.618 extension level. This is a good time to take profits and to wait for a pull-back to re-enter. pull-backs to 30k, 20k are very likely in the next few months. even below 10k levels are possible if there is a significant negative news. No matter what happens - we predict that bitcoin wont' fall below 100 MA on the 2W timeframe. Fundamentals are way too strong: more and more institutional buy-ins, public interest all time high, relentless money printing by the governments).
2) using our tea-leaf indicator we predict new all time high above 40k before august 2021, and 85k levels by the end of 2024.
3) we watch out for ETH 2.0, and bitcoin profits moving into slakeable assets such as PolkaDot.
Note
We see that our analysis back from Jan 2021 was correct. Right now we are at the bifurcation point from the technical point of view. - either drop to the price below 10k, or rise above 84k - for a pessimistic or am optimistic outlook, respectively. If you are an optimist (like me) - right now we are in a solid buy zone for BTC, with the targets in 84-100k range. Conservatively, these targets can be reached by the end of 2024.
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