This Bitcoin chart scares me in a good sort of way :0)
Using the monthly BLX chart of all Bitcoin data I was able to create this chart. I found that Bitcoin forms a triangle after each halving. Using the halving date vertical, and the previous all time high horizontal, the point at which it intersects the curved average line forms a triangle. If the past height and length of the triangles formed are a result of past prices then why can't we guestimate the future price using the same geometry? We know the approximate date of the next halving so this forms the vertical of the next triangle. We also know the curving average should run about the same in the future as it has in the past. That makes two sides of the next triangle. Now if we assume that the length of the next triangle is 3 months longer than the previous we can now draw the height to get the price.
What did I find by doing this?
During this Bull run Bitcoin could very well peak at around $229 THOUSAND DOLLARS!
I know that may sound crazy but it's just geometry. If I am off by a few months on the length of the next triangle it could push the price higher or lower. But I see no reason that it should not follow the previous trends. We're only talking plus or minus about 3 months.
Either way I still think we are talking a price range of $200K and possible higher. That's double that anticipated $100K target everyone is looking for.
Anyway, I found this to be very interesting and thought I would share it with my fellow Bitcoinistas!
Still long and holding strong for all I'm worth. :0)
Good luck out there if you are a trader. I'm just a hodler and will remain so until I see at least 6 figures.
BBS Out!
What did I find by doing this?
During this Bull run Bitcoin could very well peak at around $229 THOUSAND DOLLARS!
I know that may sound crazy but it's just geometry. If I am off by a few months on the length of the next triangle it could push the price higher or lower. But I see no reason that it should not follow the previous trends. We're only talking plus or minus about 3 months.
Either way I still think we are talking a price range of $200K and possible higher. That's double that anticipated $100K target everyone is looking for.
Anyway, I found this to be very interesting and thought I would share it with my fellow Bitcoinistas!
Still long and holding strong for all I'm worth. :0)
Good luck out there if you are a trader. I'm just a hodler and will remain so until I see at least 6 figures.
BBS Out!
Trade active:
I'm really liking this chart the more I study it. We could hit the top of this cycle a little sooner than anticipated but I really don't think it would be any later than what I have calculated. There is just too much good news for Bitcoin and too much new money rushing in. I have no doubt the price will exceed $100k this cycle. The only question is how much further will it exceed? My best guestimate is still around $229K for the next peak. Others are talking much higher but I tend to be more conservative in my estimates. Either way it's going to be awesome! Good Luck.
Comment:
Still on track..... :0)
Comment:
Another month is complete. Now I just wonder whether Bitcoin will have a significant pullback like in 2013 before hitting the top of the Bull Cycle or will it just continue North from here without any major setbacks? Hard to say with all that is going on for Bitcoin. Big Corporate buyers, banks, ETFs, Wall Street, etc. etc. etc. everybody seems to want a piece which is very good for us Hodlers. :0)
Comment:
Looking good......
Still long....
Good luck all.
BBS Out.