Bitcoin is the new age gold in a preferred hedge to fiat currencies as a fear commodity. The narrative is the same, the commodity is different. Why should the charts be any different?
Using some basic fib extensions to reach targets I think we will see anywhere between 100K - 140K in 5-10 years, maybe sooner. Always look at the narrative. Markets are higher than they have ever been. We are leaving a fear cycle into a growth cycle in 2020, which should mean the next 35 years is bullish , but things have taken off before the next growth cycle starts so there could be some major panic beforehand.
This is just a benchmark, so I wouldn't take the analysis quite literally. The whole point is just to scope out big picture. Sometimes you have to step out of your 4 hour charts to really see what the future is.
I think something that is missing in peoples btc outlooks: While BTC is "like" Au right now, as "store of value" while in it's purely speculative phase, you can't program gold to run the "internet of things" (IOT). Most Alt projects wont even launch until 2020ish. At this point Crypto will eat the world financial markets AND IT industry.
Global 5G internet---> IOT ----> BTC unimaginable heights.
mythrin
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Totally agree. Alt projects will give people the right to value their information and privately own/sell it. Bitcoin will help harvest this new world as a store of wealth for the value/information distributed. Seeing more censorship on Youtube, claims from patent trolls and large corporations making mistake after mistake managing important info/harvesting large $$$ off our info we freely give out will stop soon enough. Once people learn they can monetize their information there is no going back.
Global 5G internet---> IOT ----> BTC unimaginable heights.