We have yet to come close to the logarithmic channel resistance. Bitcoin is likely to test this resistance level at around $200,000 possibly some time in September - November. (unless for some reason the cycle is disrupted).
A Massive correction around 80% is more than likely to occur once the bull run is completed. Which would bring the price of BTC to around $55,000 - $60,000
And the cycle repeats after that.. Which can potentially lead us to the price of 1 BTC over $1,500,000 BY 2024 - 2025!
For any new Bitcoin investors / traders. There is NOT an easy way to get rich quick. Patience will pay off in the long run! #HODL!❤️
This idea / analysis is fully constructed on Fundamentals of Bitcoin . Please give this a 👍 if this post taught you something new :)
March has been typically a sell off month.., it’s still February...look at how many March months were loosing months.., nothing’s ever guaranteed but worth noting
BigLava
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@BullishTruth, Very nice observation thank you. I think it may be different now that US institutions are flooding billions on every dip possible. Lets wait it out and HODL :)
BigLava
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@BullishTruth Also this 2trillion stimulus is going to be critical!! The fiat stimulus is the reason why we saw a record speed recovery in March.
Hold? - If you hold now, and especially from previous levels, you would be running at a serious loss and incurring serious risk of over-exposure with a serious chance of never being able to recover that lost margin ...and in a market whose levels are being maintained artificially to an even greater extent than would normally be the case. This goes against every tenant of common-sense trading and those who would maintain this strategy of madness may as well simply go and play with RobinHood.
Personally, and I would say this to anyone who considers themselves to be a trader, as opposed to a RH fool, I will wait until the index has stopped falling and will wait on indications of the start of a sustained upward trend rather than tying-up a massive chunk of margin in a negative balance in the naive belief that BTC will recover (and exceed) previous levels.
It is all very well talking of patience and building-up a large BTC reserve, but, versus an insane strategy involving potentially massive negative balance and loss of margin, it makes more sense to simply commit more margin to an uptrend (with low entry) and to use sensible trading strategies to limit the potential for losses.
I can see where this observation is going, and agree that it is possible (thanks for sharing), but (and, again, from a personal perspective) there is no sense in going long on something purely in the hope of long-term gains unless you have good reason (market events, for example) for doing so ...and, quite honestly, the situation in the UK, at least, is more likely to drive BTC down short-term than up, and an uptrend is unlikely until nearer the end of the year and may not pan-out at all depending on the outcome of modifications to current restrictions and their effect on disposable income levels, spending, and investment decisions.
tdno
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@X9GDU3Z7UMEFEV That's interesting and all, but are you suggesting holding fiat over BTC?
You argue for patience, but don't really define what you mean by short vs long term, one of the main difficulties in understanding posts and replies on tradingview.
Long term, hold. Mid term, hold. Short term, does it really matter?