MIGHT JOHN MCAFEE BE RIGHT? The log scale proves it !
The one scale pro's use for longterm predictions is still the log scale. It might sound crazy, but it could predict what is coming.
Truth is:
Bitcoin has traded in a logarithmic channel since the beginning, and it would near/touch the bottom of the largest, blue channel for a 3th time.
This is a big probability as it is seasonally around the same period of the year atm, which is 'October'.
In october 2011 we had a start of a bullmarket, a stop around the end of the year of 2013 = 2 years.
In october 2013 we had a midterm break and continuation of a bullrun again until end of 2013 as said previously.
In october 2015 we had a bottom and BTC marked a trendline very clearly and was in a bullmarket till end of 2017 = 2 years
Now we're october 2018, and there's a potential to break up and go to insane levels, if we get rejected from the bottom of the blue parallel again.
Levels of 50,000 and even levels of 1000,000 usd are in this case really possible, and John Mcafee might have a point.
If it would hit 1M, BTC will definitely be saturated as we would be entering a trillion dollar market, but... that would be just a glimpse of the total stock market ... so who knows?
On the regular scale it looks much out of proportion, but on the log scale it makes sense.
On the other hand, there could be a hold up for about a year, if bitcoin breaks down from the blue parallel (which never happened)
and swap to the pink parallel to go to levels of about 4000 usd, but I believe certainly not more than that, eventually it should go up around October 2019 then !
Let's hope we don't have to wait a year longer, but in this case the highest probability is that bitcoin will go up right around this time... or at least end of this year,
which it then would follow the green parallel.
All this means that a rise to 50 K is certainly possible !
We could have a bullrun until end of this year, or until mid next year, as 4 years ago, BTC went into a mid-phase until april 2013.
So, even if I personally cannot believe this myself, it is a very high probability !
So far the TA explained what John Mcafee, and... some hedge fund managers projected as well.
The run from OCT. 2011 until NOV. 2013 went from 2 usd to 1100 usd in 2 years ! That's 550 X,
with a break from APRIL 2013 til OCTOBER 2013 !
On the regular scale it would look like this in my older projection:
Truth is:
Bitcoin has traded in a logarithmic channel since the beginning, and it would near/touch the bottom of the largest, blue channel for a 3th time.
This is a big probability as it is seasonally around the same period of the year atm, which is 'October'.
In october 2011 we had a start of a bullmarket, a stop around the end of the year of 2013 = 2 years.
In october 2013 we had a midterm break and continuation of a bullrun again until end of 2013 as said previously.
In october 2015 we had a bottom and BTC marked a trendline very clearly and was in a bullmarket till end of 2017 = 2 years
Now we're october 2018, and there's a potential to break up and go to insane levels, if we get rejected from the bottom of the blue parallel again.
Levels of 50,000 and even levels of 1000,000 usd are in this case really possible, and John Mcafee might have a point.
If it would hit 1M, BTC will definitely be saturated as we would be entering a trillion dollar market, but... that would be just a glimpse of the total stock market ... so who knows?
On the regular scale it looks much out of proportion, but on the log scale it makes sense.
On the other hand, there could be a hold up for about a year, if bitcoin breaks down from the blue parallel (which never happened)
and swap to the pink parallel to go to levels of about 4000 usd, but I believe certainly not more than that, eventually it should go up around October 2019 then !
Let's hope we don't have to wait a year longer, but in this case the highest probability is that bitcoin will go up right around this time... or at least end of this year,
which it then would follow the green parallel.
All this means that a rise to 50 K is certainly possible !
We could have a bullrun until end of this year, or until mid next year, as 4 years ago, BTC went into a mid-phase until april 2013.
So, even if I personally cannot believe this myself, it is a very high probability !
So far the TA explained what John Mcafee, and... some hedge fund managers projected as well.
The run from OCT. 2011 until NOV. 2013 went from 2 usd to 1100 usd in 2 years ! That's 550 X,
with a break from APRIL 2013 til OCTOBER 2013 !
On the regular scale it would look like this in my older projection:
Comment:
quite bearish now, as both the old and newer ascending parallels in turkoois and green have been broken in an instance... only the pink parallel left with a probable visit to the 3K or even 2.5K level...
Comment:
to be 'bearisher than bearish', the real support on the log scale is actually around the 700 usd !
Comment:
didn't I predict the break below 6K to be really bearish... we can be extremeley bullish in good times, but in bad times markets can go far more than imagination.. I predicted on Dec 4 a visit to the 3K level, which happened.. not totally as then 2K is next support.. as both levels were supports last year.. longer term bottom forming is quite proabable, this is what we don't know.. it an come in an instance or fade out for some time, let's say 1-2 years.. which could mean a parabolic movement over several years or cycle..