We are at the bottom!!! 400k BTC by October 2022. Macro Trend
Everybody being bearish right now is just looking at the shorter timeframes. Yes, it's possible to go slightly lower, but the ultimate trendline suggests a drop below 6 to 6.3k BTC is impossible, if it drops below that, then Bitcoin is done for years to come, and the whales don't want that. The longs on Bitfinex that are mooning currently, suggest that there is one final dump to wash out the bulls, but do not be afraid just yet!
My chart is on the logarithmic scale, because Bitcoin's price is volatile and it makes sense to do that.
Now I have made a copy of the historic trendline and placed it at the all time high, which should also act as ultimate resistance. I drew a bunch of fibonacci's to suggest the next rally's points of contact where there will be a slight retracement. But it will be a multi-year rally like the one from 2015-2018. The timescale on my chart might be off, because that is something really hard to predict, but I suggest the market will follow similar bullish movement as the previous bullrun. The market cap will be over 7 trillion, and at that point it will be more than gold. This will cause gold's price to drop, as dumb money investors will sell their gold to gain a quick buck from Bitcoin's gains.
The trend line way back that was resistance, then caused the drop from 6k to 3k and that touched the new lower top at 14k(yellow line) is something to keep an eye on. The way I drew the price with a brush was expected to meet the top where that trend line and the imaginary ultimate support trendline meet, around October 2022. Then we will have a descending triangle like the previous bull run, and drop back to around 100k.
Share your thoughts.
If this plays out, which I am 90% certain of that it will - Hello people from the future! I hope you made some nice gains and enjoy~
My chart is on the logarithmic scale, because Bitcoin's price is volatile and it makes sense to do that.
Now I have made a copy of the historic trendline and placed it at the all time high, which should also act as ultimate resistance. I drew a bunch of fibonacci's to suggest the next rally's points of contact where there will be a slight retracement. But it will be a multi-year rally like the one from 2015-2018. The timescale on my chart might be off, because that is something really hard to predict, but I suggest the market will follow similar bullish movement as the previous bullrun. The market cap will be over 7 trillion, and at that point it will be more than gold. This will cause gold's price to drop, as dumb money investors will sell their gold to gain a quick buck from Bitcoin's gains.
The trend line way back that was resistance, then caused the drop from 6k to 3k and that touched the new lower top at 14k(yellow line) is something to keep an eye on. The way I drew the price with a brush was expected to meet the top where that trend line and the imaginary ultimate support trendline meet, around October 2022. Then we will have a descending triangle like the previous bull run, and drop back to around 100k.
Share your thoughts.
If this plays out, which I am 90% certain of that it will - Hello people from the future! I hope you made some nice gains and enjoy~
Comment:
Sorry, typo. It should be "The way I drew the price with a brush was expected to meet the top where that trend line and the imaginary ultimate RESISTANCE trendline meet, around October 2022."
Comment:
Bottom reached. Let the bull run begin.