TradingShot
Long

BITCOIN to $13500 by July? This pattern shows it is possible!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Before claiming that it is pointless comparing Bitcoin to Gold take look at the charts below:



On the first chart, the $9000 mark has been hit purely based on a signal given by the similarities of Bitcoin's price action after its bottom to Gold's respective pattern and the buy signal it gave after the +33.50% bounce. See how smoothly Bitcoin's price action followed the projected pattern. On the second chart, see how weel the Golden Cross signaled the rise from $5500 to $8500.

So coming to today. BTC is close to reaching its 0.382 Fibonacci retracement level from its All Time High ( ATH ). When Gold approached the 0.382 level, it consolidated, and then skyrocketed to the 0.618 Fibonacci in 490 days. That's +0.26% on the 1862 days it took from the bottom to just below 0.382. If we apply the same rate on Bitcoin's 161 day's (bottom to just below 0.382), the projection puts $13500 in 42 days!

Again I need to point out the obvious (for the record) on the different time frames as I have done on every BTC - Gold comparison to avoid comments that fail to see the fundamental point (viewing Bitcoin as a long term investment) behind such comparisons:

"The different time frames ( BTC on 1D/ Gold on 1W) shouldn't affect the conclusions derived as Bitcoin's life span is far shorter than Gold which has been used as a store of value for centuries. Moreover Bitcoin has been moving at a much faster pace since its invention, so the market psychology, dynamics etc have adapted to a much shorter time frame."


How accurate do you think such a comparison can be?
I welcome all opinions in the comments section! Like and subscribe if you enjoy the content!
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Comments

TradingShot MichielVan Kets
@MichielVan Kets, The current parabola may be the disbelief leg though.
+1 Reply
MichielVan Kets TradingShot
@TradingShot, no, because there's more to it then just the feeling itself; the depression is caused by a prolonged bottom, as a prolonged bottom is what's needed to get rid of the bad actors, like all those exchanges

what they're doing with all the leverage ... that's called fractional reserve lending!
Reply
I like the gold comparison. The parallels are too obvious to ignore, especially bitcoin being the digital gold. But at some point we'll have to see some kind of dip on the weekly, the weekly stoch RSI cannot stay on such overbought levels forever. A long sideways consolidation with a few dumps and rebounds until July should do the trick. Then the weekly could cool off, and the rally could resume.
+3 Reply
TradingShot FlaviusTodorius67
@FlaviusTodorius67, I am counting on that dip Flavius! I am accumulating on every pull back I get.
+1 Reply
@TradingShot, Yes, that's a good strategy. The bullmarket has started in such blatantly obvious fashion, that our life's motto should now be: BTFD ! :)
+2 Reply
TradingShot FlaviusTodorius67
@FlaviusTodorius67, BTD for at least 2 years is my projection. When the next bear market starts it will be equally obvious.
+1 Reply
@TradingShot, Yes. And the insane thing is: If this rally will indeed shape up like the gold rally from the early 2000s, then I see a double rally forming like in 2013. This first peak would be reached even before the halving, corresponding to the 260 ATH in 2013. The halving could then further fuel the secondary rally, corresponding to 1200 in 2013. The prices could much higher than anyone though possible. 150-250k already by 2020 would be absolutely within reach. INSANE times :)
+3 Reply
what the future hold for Bitcoin, the answer is here on this detailed BTC market post.
+1 Reply
@weslad, Thank you Weslad! I would love to live this day through of the wave 5 peak!
+1 Reply
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