Finally a very anticipated level was broken by BTC. The Covid Era is gone and AI is about to take over most of your work if it hasn't. We can all agree that BTC is the gold in crypto currency and as we almost hit the 21 Million cap, Where is the price going to go?
My View After this major break, a reverse triangle appears. Normally, the edge of the triangle is pointed to the right but a reverse pattern shows a moment where price breaks inside the triangle. We use triangles to show price breakouts but in rare cases breakouts can show triangles.
Supply and Demand. Lets keep demand as it is today. Once the maximum bitcoins are attained, we ultimately have a higher price as supply diminishes.
Psychology of numbers. If I am buying pants, I wanna talk about 20, 30 40 USD. If I am buying a laptop, I talk about 800, 1200, 1600 USD; the place value of tens is gone. As the price goes higher, so does the negotiation of numbers. The final price of Bitcoin is yet to be determined. We are back to negotiating in tens of thousands. The bias is still bull so we speak of 60, 70 and 80. This is a fuel to the rise in social trading.
To the Hodlers who give meaning to BTC. This is not the final price yet.