Descending broadening wedge - the Short and Long term of BTC :D
I believe Bitcoin is printing a descending broadening wedge on the weekly with a measured move to 20k and most likely beyond. Above 14k is a low liquidity zone which suggests that above that key price point bitcoins price movement turns from a 'slow' grind to crypto currency standards to a mad dash to the previous ATH. However it is also possible we crash back down and keep grinding out this zone.
Global financial conditions are also fundamentally bullish for bitcoin, the millennial mindset has been driven away from gold and silver, 50 years without a gold standard is significant and even though humanity has had a multi-thousand year history of using gold as a store of value these past 50 years since 1971 have left two generations of people without memory of sound money.
Bitcoin and Gold are at the same starting line and I believe Bitcoin is the faster horse simply due to the much smaller size of the market and the exponentially collapsing 4-yearly half in bitcoins inflation.
Bitcoin is a all or nothing bet, it is either a absolutely scarce world money, store of value or it is worth nothing at all.
This year 328000~ will be mined, those bitcoins will be sold to pay for miners operating costs and profits.
In 2040 that number collapses to 10000~ will be mined annually, only 3% of this years bitcoin production. This exponential collapse in deflation is significant however it is not priced in yet, the world is still grappling with the concept of bitcoin, many people had no idea in 2010 how much the thousands of bitcoins they owned would be worth in the future, I am willing to bet that same ignorance is just as true today.
Global financial conditions are also fundamentally bullish for bitcoin, the millennial mindset has been driven away from gold and silver, 50 years without a gold standard is significant and even though humanity has had a multi-thousand year history of using gold as a store of value these past 50 years since 1971 have left two generations of people without memory of sound money.
Bitcoin and Gold are at the same starting line and I believe Bitcoin is the faster horse simply due to the much smaller size of the market and the exponentially collapsing 4-yearly half in bitcoins inflation.
Bitcoin is a all or nothing bet, it is either a absolutely scarce world money, store of value or it is worth nothing at all.
This year 328000~ will be mined, those bitcoins will be sold to pay for miners operating costs and profits.
In 2040 that number collapses to 10000~ will be mined annually, only 3% of this years bitcoin production. This exponential collapse in deflation is significant however it is not priced in yet, the world is still grappling with the concept of bitcoin, many people had no idea in 2010 how much the thousands of bitcoins they owned would be worth in the future, I am willing to bet that same ignorance is just as true today.