How are you doing today? Hopefully you're staying safe and healthy going into the new year! This is simply my observation on Bitcoin for 2021 so if you disagree please kindly explain your own analysis and maybe we'll both learn from this!
If you've seen my analysis for the S&P 500, then you'll know that I'm very bearish for the first quarter of 2021. Bitcoin will more than likely follow this same short term correction for a few of the same reasons. While Bitcoin could go up a bit more, it is far more likely that there will be a sell off. We've started to see the lengths that the previous administration is willing to go to prove a point that they "should've" won. The cryptocurrency space is facing some of the strongest pushback and challenges that they might ever face other than a direct ban. So I think we'll see the price reach the major support at $12,000 and 50 RSI within the first quarter.
Now unlike the stock market, Bitcoin will likely see a new all time high of 88k by the end of 2021 as investors look for an asset that can salvage their portfolios. However, don't take my analysis as some perfect interpretation and do your own research before deciding anything. Just remember that even price declines are a healthy part of the market so if you're new don't get caught up in the emotion and quit trading. Every bad trade is just the price for success if you take the time to learn from them.
If you enjoyed my analysis then feel free to show this idea some support! I have a few more ideas that I'll be writing out over the next few days so look forward to those! Anyway, hope you have a lovely night wherever you may be!
If you've seen my analysis for the S&P 500, then you'll know that I'm very bearish for the first quarter of 2021. Bitcoin will more than likely follow this same short term correction for a few of the same reasons. While Bitcoin could go up a bit more, it is far more likely that there will be a sell off. We've started to see the lengths that the previous administration is willing to go to prove a point that they "should've" won. The cryptocurrency space is facing some of the strongest pushback and challenges that they might ever face other than a direct ban. So I think we'll see the price reach the major support at $12,000 and 50 RSI within the first quarter.
Now unlike the stock market, Bitcoin will likely see a new all time high of 88k by the end of 2021 as investors look for an asset that can salvage their portfolios. However, don't take my analysis as some perfect interpretation and do your own research before deciding anything. Just remember that even price declines are a healthy part of the market so if you're new don't get caught up in the emotion and quit trading. Every bad trade is just the price for success if you take the time to learn from them.
If you enjoyed my analysis then feel free to show this idea some support! I have a few more ideas that I'll be writing out over the next few days so look forward to those! Anyway, hope you have a lovely night wherever you may be!
