BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello Everyone.
I find it funny how people are concerned with timelines, "they said it was hitting 98k by the end of November", "they said it was going to be 130k by December", and so on. However, if they had studied the past price actions of BTC around the last two tops in 2013 and 2017, they would have realised that in 2013 it took 11 days to reach the top from the low on November 19, an increase in the price of 211% and 2017 it took BTC 33 days to reach the top from the low in November painting a 257% gain. Considering the asset's maturity and following the trend of increasing the topping process of 2/3 of the previous time span, I am expecting BTC to top out in the next 54 days. Although you can appreciate the target is set at 220k here, I still believe the top will be at 185-190k. This is also in line with the previous price increase of 257% from the November low. However, BTC seems to be brewing an extended wave 5, hence the extended target. It is also interesting that the other targets align with a successful breakout and retest of the channel with a wave 3 acceleration before to completely blowoff at 220k.
The correction is getting boring, and it does line up with the characteristics of a wave 2 personality where people get frustrated and very bearish.
So the current correction is not my concern anymore as a 2-3% further retracement is peanuts compared to what is ahead, and those of you who have been following me since May know I have entered at 30K. Anything at these levels from 58K down to 53k is a great buy. This is the last time I will tell you.
These price targets were set back in May/June, that's 7 months ago.
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CFcryptoTA
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