This is a 3 day Coinbase chart going all the way back to 2015. As you can see the price is currently inside a multi-year triangle pattern. This looks like a continuation pattern to me. What is a continuation pattern? Glad you asked. It just means that the pattern will most likely resolve to "continue" the previously established trend. With Bitcoin the previously established long-term multi-year trend has been bullish. Therefore this pattern should resolve North and continue the Bull run. This also makes sense considering we are now just two months away from the halving. This means the mining reward is cut in half and the inflation rate of Bitcoin drops down closer to that of Gold. By the next halving in 2024 Bitcoin with be the most scarce financial asset on the planet according to the Stock to Flow ratio. The bottom line? If you own some Bitcoin and have held on this long, it would be wise to at least see what prices look like at the end of this year. According to the stock to flow chart (not show here) by mid 2021 Bitcoin should be well on its way to $90K+ and that I have to hang around to see for myself!
Good Luck!
BBS out.
Good Luck!
BBS out.
Trade closed: target reached