On July 30th we gave 2 targets for BTC to hit. The first was hit on August 20th at 50k and the 2nd target we gave was 56K. Price has now hit the 2nd target as well. A larger pattern has formed with the 3 yellow curves. A reverse head and shoulders has now projected a new price target of 75K. We would expect the target to hit before the end of the year.
Hopefully, BTC takes its own sweet time to reach 75K. This will give it more omph! to have a really good parabolic last run.
TradingBTC1
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@kevinaugustinechong, as crazy as things are right now, I would expect it to happen quick versus slow crawl.
AlphaBravoCharlie77
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@TradingBTC1, actually, 75K by the end of the year would be quite a decent sedated pace. That's only 241/day.
If history were any indication, it will be really fast once we go past 75K.
AlphaBravoCharlie77
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@TradingBTC1, actually, 75K by the end of the year would be quite a decent sedated pace. That's only 241/day.
If history were any indication, it will be really fast once we go past the 74.3K fib level.
If we look at the last 5 weeks of the 2017 bullrun, it increased at a rate of 6.8% of BTCUSD at a corresponding Fib level on a daily basis. Translated to this bull run, this would amount to approximately 5K per day after we exceed the 74.3K Fib level. I don't think it will be as fast this bull run, but it will definitely be much faster than the daily rate of increase from now till 74.3K.
TradingBTC1
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@kevinaugustinechong, Hi kevin, my price target of 75k is only from a measurement from the Reverse Head and Shoulders, it doesn't take into consideration rate of change or fibs. It could hit price target any time before now and year end but I don't project time to hit target just what the target price is. You could be right in all that you explained but I just identify price target ideas and not time based ideas. thanks!