Bitcoin is now next to making the 0.382 Fibonacci retracement test (ATH to 3150 bear cycle Low) and one thing has shocked the crypto world more than anything. The considerably shorter time it has taken BTC to do so compared to the previous two cycles. Few expected such a strong and continuous rebound since the 3150 bottom. Is this right? Since most researchers though that market cycles take longer within Bitcoin's parabola, why are we seeing such a strong rise and such a short test of the 0.382 Fibonacci?
Well what I posted 3 months ago regarding BTCUSD's band shift on the Fibonacci Channel, warning of an upcoming hyper strong bullish sequence while the price was still 3800, is now more relevant than ever:
Maybe the cycles don't become longer each time. Maybe they take turns. One is longer, the next is shorter and then the process is repeated. So far the Fibonacci Channel since its inception has been providing very clear supports for the cycles' bottoms (on 0.5, 0.382, 0.236 and near 0 in succession). This process may be reversed from now on with each bottom being on a band higher.
The current strong rebound from 3150 to 9100 may be an early indication of this band shift showing that the very aggressive bull cycle of 2012 - 2013 may be repeated. This suggests that the $100,000 land mark may come as early as 2020.
Do you think that we may be getting to 100000 that soon? Let me know in the comments section. Please subscribe and like if you enjoy the content!
Interesting to see all the comments in this thread. Everyone talking with such confidence that we will or wont get to x value by y date. The truth is nobody knows what the price will do, Bitcoin doesn't give a shit what you think.
Jut trade the chart that is in front of you and enjoy the ride.
TradingShot
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@twismo, Same goes for all the financial assets (forex, commodities, stocks). Yet here we are making (worthwhile in my opinion) attempts to analyze them and project patterns. This is what we do here on tradingview. And yes I am trading what is in front of me. A strong 10 year long uptrend with healthy pull backs to buy and obvious highs to sell.
tammy007
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TA is very subjective and everyone pulls out one chart out of their ass. Also, there is no Fundamental reason why anyone should buy this speculative shit at 100k. chain analysis report last week pointed out that not even 1% of total BTC transaction is for actual use case. 92%+ transactions are made by exchanges....there are 200 times more chance of $500 than 100k
@tammy007, can u tell me whats the use case for GOLD?
tammy007
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@cryptosako, Electronics, Computers, Dentistry,Medical,Aerospace,Glassmaking.
Also, Gold has the highest malleability of any metal. This enables gold to be beaten into sheets that are only a few millionths of an inch thick.
If you need to learn about more use cases let me know. i will send you a 500 page book!
TradingShot
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@tammy007, Thanks for sharing an opposite opinion. Your argument will be much more valid if you share a chart.
BillyNare
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Prediction is wayyyy too conservative. BTC is going to $1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000.
TWIMARKETCAP
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@chargill, and nobody will be upset!
TradingShot
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@chargill, Thanks for the feedback I don't mind a little sarcasm at all.
Jut trade the chart that is in front of you and enjoy the ride.