In case of failure, we break 450, and should expect 260 (last bubbles top)
If we keep climbing up and break top resistance expect rally up to 3000 - 4000.
Infact targets like 10k for the next bubble are unreasonable.
The next bubble will be more like a last breath of the bulls,
before a major correction to around 440 (current bottom level).
A major correction is needed to balance out the
divergence of the last bubble (see weekly etc.)
Only then we will find ourself in a more modest uptrend with
next bubble peaking around 18k at fib number 8 at beginning of 2017.
Bitcoin is just at the beginning of its S-Curve. It's typical for S curves that at the beginning people don't expect the fast growth phase and when it's in the middle of the S-Curve they expect the fast growth to stay forever while the growth will slow down.
Listen, anything can happen. I understand that. But projections end to be based on historical trends and reality. And the reality is that
Corrections are getting smaller in percentage basis points.
This fib's correction projections are not based on reality
This chart is either deceptive or ignorant seeing how there is no basis that we'd see that massive of a correction when it peaks. It should cause you wonder about the whole chart altogether
I do admire your passion
USD is at least $70 Trillion depending on how you count
There you go. Bitcoin retraced around 86% since the last top at 1100. What do you say now ?
I definitely can say I was wrong on that estimation. But now I'm wondering if we get an even bigger upside due to this spring getting compressed so far and for so long. Either way, I still hold the same conviction about rumors that bitcoin is about to fail. On the contrary, we have season more venture capital and infrastructure progress than ever.