Mohandes

Bitcoin to Gold - Expect the top in 5 months not 5 weeks!

Long
Trying to make sense of Bitcoin's move, we should probably look at Bitcoin to Gold chart. Why? I think US Dollar has lost it's credibility as unit of account due to massive amount of newly printed dollars. Bitcoin to Gold shows an ascending triangle taking shape at the moment. Now the question is how we can predict when we will see the Bitcoin's top for this bull market cycle (halving cycle). If bitcoin follows the same pattern that is followed in late 2017, we should see the top in 5 weeks (end of Dec 2021 or early Jan 2022), but it has played out differently this time and there are some factors to consider.
The last cycle was fuelled by retail investors, but this cycle's drive is mainly institutional investors, which I believe they are delayed in entering the market and might take few months to see FOMO in institutional level. So this time we might see the top around May 2022. What news will cause the market crash? Probably Mt Gox bitcoin distributions. The top for this cycle, could be around 100oz Gold which might be around 200k-250k USD. I believe in the next cycle we will see the governments and central banks competing to get their hands on enough Bitcoin to not to lose their power. We can see USD $1 million in the next cycle top.

Yes. Bitcoin will become a global currency with $20 trillion dollar market cap by 2026 and we will see other countries copy El Salvador's move in making Bitcoin legal tender.

Back to the topic, here is the prediction. We sill see the top in this cycle around May 2022 due to the nature of decision making in companies which is more time consuming than the decision making process by retail investors. and we will see bitcoin hits 100oz gold per 1 BTC .

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