Take a look at the fibs. Price is in a descending channel currently. Price is at the bottom line of the rainbow log regression channel shown. According to PlanB's model, the price should be much higher right now. This is a severe discount seen only a few times, the Crash of 2018, the COVID-19 Crash, the Mount Gox exchange hack, to name a few. These are times of capitulation.
I will need to investigate further, but I see some indications of a local bottom.
My strategy is simple. Buy Bitcoin and hold it until retirement. Try to buy low. But don't beat yourself up if it drops You are just going to buy more cheaper, So it's like everything's on sale. My investment is based on the conclusion that Bitcoin will remain the dominant "reserve" cryptocurrency, and that cryptocurrency will continue to proliferate in business and technology applications. Lately we have seen a dive in all cryptos, with most altcoins diving even lower than bitcoin.
I had to adjust my expectations 50% lower than my last prediction, due to the outflow of speculators and institutions hitting their margin calls, etc. I wish I had more money to buy with at this point. Those who were sitting on the fence, now might be a good opportunity to get in.
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*I think it has the potential to get to $16,000, but if it doesn't get there soon in the next day or two, then 20k will probably be the bottom*
Agreed. I would also consider a sideways move, locked around 20k before going up or down. Everyone's been battered so much and there's not enough volume at the moment. Those who can, should continue laddering in buys and get the discount just like you mentioned.
arvine11
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dont you think it will drop on 13k
bodeen88
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@arviiine, Perhaps, but that would have to be an extraordinary event. That's nearly 50% lower than now. The longer we stay above the 20k range, the less likely that becomes
Dubdenhang
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No one read your tA so complicated spaghetti pattern