Welcome to this analysis about Bitcoin, we are looking at the weekly timeframe perspective. The last time's good news reached Bitcoin as the leading company within the new electronic car-technology decided to take up Bitcoin into the balance-sheet and accumulate an initial 1.5 Billion of Bitcoin besides that as I discovered Bitcoin has completed some very fundamentally important price-actions and formational indications that lie ground for a bullish continuation pace like it was not seen before in Bitcoin which can lead to exorbitant high levels and a strong protraction to be reached by Q3 to Q4 in 2021, therefore I detected the underlying levels, likely projections and upcoming destinies we should consider with Bitcoin now.
As when looking at my chart we can watch there that Bitcoin previously formed this all-time-high-projection channel which just perfectly matched with the peaks in 2017 and the bottoms in 2018 and in which this meaningful in-channel-accumulation happened before Bitcoin lastly manages to breakout above the upper-boundary and set-up for an accumulation above this boundary. Now recently Bitcoin showed up with this strong bounce above the upper-boundary fully validating the finalized accumulation above, furthermore, the coherent wave-count is given here fully in play with wave 3 now developing and waves 4 to 5 following up that will determine the upcoming targets in the schedule.
Now together with these technical factors and the fact that Tesla just decided to acquire Bitcoin into the balance-sheet can indicate that Bitcoin receives more public acceptance and more institutional investors coming in. Given the pace with which Bitcoin now continued the channel-breakout-projection seen in my chart is a realistic target to be reached. When these targets have been reached the situations need to be elevated anew and how things on the fundamental side as well as technical site will look then however for now there is strong evidence given that Bitcoin has the ability to show up with this increased volatility within the next months, it will be an interesting journey ahead.
n this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading! "There are many roads to prosperity, but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
Great analysis Vince.. People may say "this is ridiculous and no way that 200k by end of year" but you let the chart speak for it self with your analysis!