Looking at Bitcoin's long term chart it seems obvious of the direction. We have only had 2 other opportunities to buy at a low prices in a 10 year rise. the Gaussian channel illustrates that perfectly here giving us only 116 weeks total in a red (buy) zone. The rises from the red zones were followed by 3 distinctive moves: 2 triangles leading to the all time high : A parabolic break off the all time high : A blow off top leading to a consolidation period and our trend line back to establish a new red zone. The channel has shifted green from that consolidation period and we are producing the first triangle of this pattern. If bitcoin is to follow suite we should see a break up and another triangle pattern form just under the all time high, a break up will occur after that phase and a new higher high will be made. The question of course is how high will BTC go? There is no possible way to pin point the exact top. We can however expect the percentage value to be much less than previous rises. Given the upper trend line on the long term chart, $80,000 would be the upper limits of another parabolic rise and could happen within a year!
Can/Will Bitcoin break this trend?!
will it break $80,00? Will it fail and crash?
Let me know what you think in the comments!
Can/Will Bitcoin break this trend?!
will it break $80,00? Will it fail and crash?
Let me know what you think in the comments!