Here's How & Why BTC Could Reach 80,000-90,000 By Mid 2021
Bitcoin continues to follow the most beautiful pattern in the history of charts. Look, I have been analyzing charts for well over a decade, and NEVER in my time as an analyst, have I encountered a chart with a pattern like we see in Bitcoin. The rising arc (in blue) has persisted since the days of Satoshi, and there is STILL no sign of failure. Looking back to the fall during March, we can see that Bitcoin basically touched the bottom of the rising arc, and held it as support. Now, we can see that BTC is testing a breakout above the 14,000 level, which I have said on TView and Twitter, is an extremely important hurlde. If BTC gets above 14K, we could see a rapid rise to 17000ish, and then ultimately a test of the all time high at 20000. Regardless, I think there is plenty of evidence to suggest that we could see BTC test the 80000-90000 region by the middle of next year. If it continues to follow the arc, and we get above 14K, a test of the all time high will be inevitable. If we surpass the all time high, which I do believe would happen in that scenario, the top of the rising arc is the next stop. We could be on the precipice of a new crypto mania, if BTC can break above 14K, and then 20K. The arc says it will happen, but only time will tell.
On the RSI, we can see that BTC is breaking out into overbought territory, which on the weekly timeframe has been HISTORICALLY indicative of the beginning stages of massive bull runs. You can see that it happened in July of 2012, then November of 2015. However, in May of 2019, we did see a bull run but it wasn't a mega bull cycle. This time looks a bit different though. Also, BTC has some catching up to do after the halving, and just looking at the action of the RSI, we can see that it is trending higher. What's concerning, is that price has technically formed a (slightly) higher high (compared to the 14000 high of July 2019,) but the highs of the RSI and the MACD are lower. That's technically a bearish divergence, but the indicators are close, and could catch up. Overall, I think the prevailing factor is the rising blue arc. It has held since BTC's inception, and there is currently no reason to think it will fail. For now, we need to keep a close eye on the action around 14K. If it is meaningfully broken, 20K will be next, and the rise to 20K could be rapid. Obviously, a failure to surpass 14K could cause BTC to retest the bottom of the rising arc. However, at the moment, that doesn't appear to be the higher probability outcome.
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.***
-JD-
On the RSI, we can see that BTC is breaking out into overbought territory, which on the weekly timeframe has been HISTORICALLY indicative of the beginning stages of massive bull runs. You can see that it happened in July of 2012, then November of 2015. However, in May of 2019, we did see a bull run but it wasn't a mega bull cycle. This time looks a bit different though. Also, BTC has some catching up to do after the halving, and just looking at the action of the RSI, we can see that it is trending higher. What's concerning, is that price has technically formed a (slightly) higher high (compared to the 14000 high of July 2019,) but the highs of the RSI and the MACD are lower. That's technically a bearish divergence, but the indicators are close, and could catch up. Overall, I think the prevailing factor is the rising blue arc. It has held since BTC's inception, and there is currently no reason to think it will fail. For now, we need to keep a close eye on the action around 14K. If it is meaningfully broken, 20K will be next, and the rise to 20K could be rapid. Obviously, a failure to surpass 14K could cause BTC to retest the bottom of the rising arc. However, at the moment, that doesn't appear to be the higher probability outcome.
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.***
-JD-