As you can see, Bitcoin is in a very clear cyclical uptrend. As I've shown before, this uptrend clearly respects a specific curvature on the log chart (blue curved .) You may have heard that Bitcoin has a cycle every four years, but that is clearly untrue. To illustrate this, I have highlighted the cycles in different colors. The first cycle (in blue) lasted 47 weeks. The second cycle (in purple) lasted 129 weeks. The third cycle (in gold ) lasted 211 weeks. Clearly, the cycles are not four years. I'm not sure hoe people concluded that, but they did. However, there is something IMMENSELY more interesting here. The cycles are on a perfectly linear rise! This is one of the most incredible things I have ever seen, in my eleven years as a technical analyst. What I mean by that, is that the time between cycles, when plotted on a graph, is rising in a trajectory that is perfectly linear. That means we can calculate, with a high level of certainty, when the next bull market peak will occur. Based on this linear rise in cycle duration, I have projected the the future bull market should peak after 295 weeks, in August of 2023. I have shown that on the chart (in green.)
Unfortunately, I cannot show this in a graphical representation on TView. I was able to plot it out on a chat by hand, but there is nothing that I can use in the TView software to show this. To the developers, it would be nice if we had a way to plot linear graphs, with standard X and Y axes, for studies such as this.
Knowing this, I can also estimate how much Bitcoin will be worth, in August of 2023. If it continues to follow the trajectory of the rising curvature on the log chart, we can expect that Bitcoin will be worth right around $150,000 in August of 2023. My expected general trajectory of the market is shown by the curve on the chart (in pink.)
As far as 2019 is concerned, I think the majority of the year will be spent between 3,000 and 5,000. That could potentially last into mid to late 2020, as we can see here on the log chart. Although I do believe that the bear market has ended, I don't expect the next bull market to begin until sometime next year.
Be sure to hit that follow button, and find me on Twitter , via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Compare BTC chart to Crude Oil chart. There is a similar pattern with n exhaustive move in a short period of time followed by a protracted decline. A market cannot quickly recover from such an exhaustive move after a major top has formed.
Where is the money gonna come from? You gotta look at the capital flows man!
I work within the financial sector and I can assure you the banks and gownrments will NEVER tolerate a competition force in the creation of money. They will attempt to outlaw bitcoin before it could ever be adopted.
Besides that, bitcoin doesn’t even meet the requirements of money/currency. It is Deflationary rather than inflationary. Why would I ever spend bitcoin if the supply decreases? I’d rather hoard it. In the known history, there had never been a form of currency that has EVER been deflationary (and don’t tell me gold because governments have always dictated the value of gold and watered it down to keep up with inflation, since the times of the Romans). BTc won’t be adopted as money and if the banks & gocernments are not going to tolerate it, what use does it have as a “safe haven”? The price is so volatile you would never be able to call it a “safe haven”.
The only purpose of BTC is a speculative trading vehicle.
I'm somewhat skeptical also because digital currency like whats happening in china is the Chinese Yuan transfered digitally, why does bitcoin need to get involved other than being a store of value driven by speculation?
Also to say crypto is going to disrupt institutional banks I dont know if it will or will not happen but I see a trend of online banks coming up charging lower fees than traditional banks, e.g Revolt and H26 bank apps that have millions of registered users and these are companies started very recently, things usually catch on pretty fast in the age of the internet how come crypto hasnt taken any market share if it is so efficient but these bank apps have?