BItcoin - VERY BROAD MACRO VIEW - $100,000 by Feb 2021?
Bitcoin has been beaten up lately, so in order to lift people's spirits and give them the much needed macro view that helps HODLERS sleep at night i have done a broad macro analysis on Bitcoin.
$100,000 by Feb 2021... Yep you read that right
The long-term trend is pointing to a major sustained rally, into 2021 (coincidentally the magic 6 months after the 2020 halvening, which historically has coincided with major price action), you can see from the Elliot wave analysis that we are in the beginning of wave 5. The final bullish wave before the inevitable A,B,C bearish phase of the Elliot pattern.
Each major move up has been largely in nominal value, but the % gain has been roughly 1/4 that of the prior rally, assuming this to be a continued trend (assumptions must be made in TA) the target would be roughly $100,000 USD.
As the more astute of you would also have noticed, we have had a very bullish moving average cross over, the last time this occurred, this signaled the sustained rally from 2015 into the blow-off-top in 2017.
So although i may be calling for a near-term correction, rest assured i remain as bullish as ever on Bitcoin.
$100,000 by Feb 2021... Yep you read that right
The long-term trend is pointing to a major sustained rally, into 2021 (coincidentally the magic 6 months after the 2020 halvening, which historically has coincided with major price action), you can see from the Elliot wave analysis that we are in the beginning of wave 5. The final bullish wave before the inevitable A,B,C bearish phase of the Elliot pattern.
Each major move up has been largely in nominal value, but the % gain has been roughly 1/4 that of the prior rally, assuming this to be a continued trend (assumptions must be made in TA) the target would be roughly $100,000 USD.
As the more astute of you would also have noticed, we have had a very bullish moving average cross over, the last time this occurred, this signaled the sustained rally from 2015 into the blow-off-top in 2017.
So although i may be calling for a near-term correction, rest assured i remain as bullish as ever on Bitcoin.
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