Just a different way to look at Bitcoin.
You can see since 2012, all the big upswings are followed by at least a 78% retrace.
The fib is using the the low of the last big swing to the new ATH.
If you look at the green numbers you can see the ATH's and how
much they have multiplied since the last big ATH. For example 11.97 ATH went up 16x to 176.49.
Should this same pattern continue, BTC could drop down towards 4k area before it makes it's new ATH.
Note these numbers are not 100% accurate, I put this together very fast.
It's probably also a valid agrument that BTC's new ATH may not take as long as this, as more people know
about BTC these days.
BTC long term goal really depends on a few factors.
1) How much fud is spread around over the next few years.
2) How much faith people have in BTC.
3) Whether or not a new coin finally replaces BTC.
There are certainly more reasons as to why BTC could evenutally die out or hit the moon.
Following patterns of the past also are extremly high risk, anything could change.
This information is just for educational purposes, do not trade based on this information. Usually when I say something is going short it goes long and visa versa, plus I'm 60% down on my portfolio, so what do I know :)
You can see since 2012, all the big upswings are followed by at least a 78% retrace.
The fib is using the the low of the last big swing to the new ATH.
If you look at the green numbers you can see the ATH's and how
much they have multiplied since the last big ATH. For example 11.97 ATH went up 16x to 176.49.
Should this same pattern continue, BTC could drop down towards 4k area before it makes it's new ATH.
Note these numbers are not 100% accurate, I put this together very fast.
It's probably also a valid agrument that BTC's new ATH may not take as long as this, as more people know
about BTC these days.
BTC long term goal really depends on a few factors.
1) How much fud is spread around over the next few years.
2) How much faith people have in BTC.
3) Whether or not a new coin finally replaces BTC.
There are certainly more reasons as to why BTC could evenutally die out or hit the moon.
Following patterns of the past also are extremly high risk, anything could change.
This information is just for educational purposes, do not trade based on this information. Usually when I say something is going short it goes long and visa versa, plus I'm 60% down on my portfolio, so what do I know :)
Comment:
-80% down wish id follow my own advice :(