A major Bitcoin network upgrade by the name of Taproot has been locked-in, this is a bullish development for the market.
This network upgrade will improve Bitcoin's privacy and improve on its smart contracts capabilities... No, it is not because of Elon Musk.
See my previous articles
Bitcoin Bounce With $46,000 Potential Target? See Inside | June 9
Mainstream Media Negative Press Is A Bullish Bitcoin Signal | June 11
Thanks for reading.
Namaste.
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The new upgrade has been "locked-in", it doesn't go into effect until November 2021.
The last major upgrade for Bitcoin is was called Segregated Witness and happened 4 years ago (in August 2017), before the major bull run.
We are likely to see Bitcoin going to new highs by the end of 2021 or in 2022 after the Taproot upgrade goes into effect.
We have a bright future ahead for the cryptocurrency markets.
Thanks a lot for your continued support.
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$85,000 to $100,000+ for Bitcoin Q4 2021/Q1 2022! Do you agree?
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Bitcoin just moved above EMA21 and EMA10 on the daily timeframe.
On the 4h timeframe, chart below, we can see Bitcoin moving above EMA200 and MA200, both normally strong resistance.
Our $46,000 target is now fully in play.
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More bullish news related to Bitcoin/Cryptocurrency
"Tanzania’s president has urged the country’s central bank to prepare for wider adoption of cryptocurrency around the world.
"President Samia Suluhu Hassan said the Bank of Tanzania should "be ready for changes and not caught underprepared" during a speech Sunday, according to reports.
"I know that throughout the nation ... they have not accepted or started using these routes. However, my call to the central bank is that you should start working on that development," she said. Her speech took place after El Salvador's adoption of bitcoin (BTC, +12.9%) as legal tender.
"Attention will be focused on other countries that spot an opportunity in crypto to boost economic development and stabilize financial instability."
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This can easily end up in a lower high followed by lower prices until a new phase starts when we aim at a new ATH.
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EVERYTHING CAN SUDDENLY BECOME POSITIVE
It is hard to believe that huge/great numbers can be achieved like the ones mentioned above...
But it was even harder to believe, that out of nowhere, we would all be in lockdown and wearing masks, something that nobody could imagine possible before it was the norm.
It is hard to believe anything that is beyond our thoughts, we can't believe it, because we have never seen it before.
Can you imagine Bitcoin before it was even born?
Remember how hard it was for the media to accept a Bitcoin price of $5,000+
Now, Bitcoin at $5,000 would be the greatest buy opportunity in the world... This is no longer possible... Or is it so?
Just as everything can become negative out of nowhere, positive can also happen without warning.
Prepare for the worst, hope for the best.
The Altcoins market went through a very hard and drastic phase.
In exchange there will be positive, we will be showered with massive gains.
Patience is very important in this phase...
Plan long-term... Think ahead.
Now it is the time to dedicate energy for yourself.
Growth, study, plan, learn...
Life goes on, that is what I always say when things are not looking great.
Get ready... Just like Bitcoin went from $3,500 to $64,000+
The Altcoins will do massive numbers, this will be our turn.
The TD 9 Sequential system indicator also flags a buy on the weekly chart :)
AlanSantana
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@VincentBoudewijn, Thanks for sharing. I agree with your chart.
Ether2020
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Thanksyou for the analysis. There is one thing disturbing at the moment, and it is the death cross. The Death Cross’s on the chart led to an immediate downside correction of 55 percent the last time. Yes itis a lagging indicator but a lot of traders look at it and the risk is there. In my opinion Bitcoin need to clear 42000 before we can say that the market turns. We see today with the price that bitcoin has formed a rectangle. Nothing wrong with that per se but we are at the top of this rectangle. A rectangle AFTER a downtrend is a bearish continuation pattern. The entire crypto market has gotten a big shock with the declines and many traders are extremely cautious. I am not a bull or a bear but see what the price action tells us.
What is your opinion on the above?
AlanSantana
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@Ether2020, The market won't turn... You get a lower high and then lower prices before the next phase.
Ether2020
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@AlanSantana, Sorry it is not clear what you mean.
My questions:
1. There is a death cross coming and last time it gave us a 55% downwards correction. What is your opinion?
2. A rectangle in a downtrend is a continuation pattern. What is your opinio?
Thanks!
AlanSantana
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@Ether2020, What I mean is that we are still aiming to continue lower, after a lower high, unless we break the last high of ~$64500...
@StockStork, Thanks my friend. Right now I see first a drop to the neckline of the inversed HS pattern at 37500. Then is the question if we do bounce there or not. The market has been pretty hard damaged. Lot's of traders are liquidated with short and longs. Then the volume in the price is too low.
Blasioo
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@Ether2020, I agree and also FED FOMC Press Conference is tomorrow at 2pm NY time, any bad news and all markets are going down, also on Friday is so-called "quad witching" expiry of $2 Trillion Options/Futures Contracts, extremely bearish short-term, I expect first dump 20%