The price of bitcoin has always had highly volatile cycles. BTC fundamentals aside, we are technically rising towards 350k on a Weekly/Monthy timeframe, expected to be reached in 2024. On a Daily/ Weekly timeframe , we are technically expecting to see a retest of the 47k, maybe even close to 50k region. We should technically see a low of around 18k towards the end of 2021 or perhaps early in 2022.
These figures and timelines are based upon a detailed analysis of historical FIBs, Weekly EMAs, fractals, and market cycles.
Fundamentally, the price of bitcoin is being brought down by two major causes:
1. Environmental concerns.
2. China.
Environmental concerns are the biggest fundamental burden for future bitcoin bullish momentum, growth and adoption. Considering that such a large portion of 'dirty' miners are considered to be based in China, and if their own government forces them to shut down operations, I would expect the environmental impact of bitcoin to improve substantially. Furthermore, the world is trending towards technological improvements in renewable energy, which is quickly becoming a cheaper alternative to 'dirty' sources, hence the mining of bitcoin should follow this same trend.
I am leaving this price prediction as a public idea for my own future reference. As with any prediction, only time will confirm or deny this price prediction. Please DYOR.
Cheers,
Timmy.
These figures and timelines are based upon a detailed analysis of historical FIBs, Weekly EMAs, fractals, and market cycles.
Fundamentally, the price of bitcoin is being brought down by two major causes:
1. Environmental concerns.
2. China.
Environmental concerns are the biggest fundamental burden for future bitcoin bullish momentum, growth and adoption. Considering that such a large portion of 'dirty' miners are considered to be based in China, and if their own government forces them to shut down operations, I would expect the environmental impact of bitcoin to improve substantially. Furthermore, the world is trending towards technological improvements in renewable energy, which is quickly becoming a cheaper alternative to 'dirty' sources, hence the mining of bitcoin should follow this same trend.
I am leaving this price prediction as a public idea for my own future reference. As with any prediction, only time will confirm or deny this price prediction. Please DYOR.
Cheers,
Timmy.