What would it take for BTC to reach 1 million dollars by 2020, and save him from having to eat his you know what on television?
Well, this.
Using Elliot Wave Theory, most analysts agree that Bitcoin has only just completed its first Primary Cycle (several months to a few years). With this in mind, we can see that reaching a 1 million dollar bitcoin in 2020 actually seems pretty attainable, considering the strength of its first wave. Of course, Bitcoin was first introduced in 2008 during the last economic crisis, but chart data begins around 2014, so we can still assume this was Bitcoin's first Primary cycle. If this correction will be over within the next few weeks (bottoming out somewhere around the 0.786 region, we can assume the bears have exhausted all of their power, and we will be entering our impulse wave 3!
With the chart in Log scale, we can see that rapid growth of wave one. Some can argue that there were several corrections during that time, but the chart shows a dramatic impulse wave with very small corrections in accordance to the big picture. If wave 3 follows this trend, that crazy, yet loveable, man might actually be right.
Even if it doesn't reach the 1 million dollar mark, it's still reassuring to see the big picture in log scale :) Even if you were unlucky enough to get in at $20,000, this seems to be a standard, healthy correction!
What do you think about the $1,000,000 Bitcoin?
Well, this.
Using Elliot Wave Theory, most analysts agree that Bitcoin has only just completed its first Primary Cycle (several months to a few years). With this in mind, we can see that reaching a 1 million dollar bitcoin in 2020 actually seems pretty attainable, considering the strength of its first wave. Of course, Bitcoin was first introduced in 2008 during the last economic crisis, but chart data begins around 2014, so we can still assume this was Bitcoin's first Primary cycle. If this correction will be over within the next few weeks (bottoming out somewhere around the 0.786 region, we can assume the bears have exhausted all of their power, and we will be entering our impulse wave 3!
With the chart in Log scale, we can see that rapid growth of wave one. Some can argue that there were several corrections during that time, but the chart shows a dramatic impulse wave with very small corrections in accordance to the big picture. If wave 3 follows this trend, that crazy, yet loveable, man might actually be right.
Even if it doesn't reach the 1 million dollar mark, it's still reassuring to see the big picture in log scale :) Even if you were unlucky enough to get in at $20,000, this seems to be a standard, healthy correction!
What do you think about the $1,000,000 Bitcoin?