I've worked up a weekly chart using automatic log scaling going all the back to 2013. I then applied a Schiff pitchfork with multiple fib levels. I've read many calls for bit-coin to go as low as 2K. I think I even did a work up some time back projecting the same. Looking at this chart, however, and assuming that the price never significantly breaches the lower purple line of the pitchfork there is no way we can hit 2K from here. Even if the price, today, did a straight line drop to the very bottom trend line that would only be around $3,105. Obviously as time goes on that absolute rock bottom possibility is ever increasing as the trend line is ever rising. The only way I could see bit-coin going under $3k right now is if the technology somehow gets hacked and broken forever. In that case, zero would be the ultimate target, not $2k. I am flat right now and will most likely wait until the price reaches back into the lower purple zone before scaling back in long. Day trading is not for me and I rather avoid all this chop. Since this is a weekly chart is it not going to update often so if you would like to see how it plays out add it to your following list. Good luck all!
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Here is a daily view of the same chart to kick things off.
