Bitcoin Showing Positive Fundamental and Technical Developments
The chart demonstrates a logarithmic monthly time frame point of view. The technicals for Bitcoin seem pretty solid as there was a confirmed breakout during the month of December, 2020. I believe this would be the start of a bull run that will last throughout 2021 and maybe 2022. Based on my current observations, I see a primary target of $60K and a secondary target of $110K. I would consider anything beyond $110K as tertiary and extreme for this bull cycle. That would be a huge bonus for anyone holding from excellent entry points.
There were many positive developments or observations that occurred in the crypto space over the past few years. For example, Bitcoin derivatives trading, institutional acceptance, custodial services, public corporations to help facilitate the ease of access to invest in the crypto space, increased awareness or perception of inflation protection in BTC , futures trading in BTC , and some other legitimate projects that are trying to achieve utility with their altcoin tokens. I'm confident that we will see some more interesting projects over time as this space continues to go mainstream and gain legitimacy.
Moreover, there will be a need for the manufacturing of better computer chips from the semi-conductor industry for miners in order to continue defending Bitcoin's network security. There has been a lot of news lately with regards to some mining companies purchasing millions of dollars worth of new equipment that isn't ready for delivery until June/July of 2021. Why would such mining companies be willing to accept delivery 6 months from now? They probably think demand will remain strong and that they see Bitcoin moving much higher.
Only time will tell how the crypto space develops. I'm expecting BTC's volatility to increase along with some shallow corrections (relatively speaking from past movements) in this potential bull run (consider support levels at the 20d, 50d, 100d, or 200d SMAs).
There were many positive developments or observations that occurred in the crypto space over the past few years. For example, Bitcoin derivatives trading, institutional acceptance, custodial services, public corporations to help facilitate the ease of access to invest in the crypto space, increased awareness or perception of inflation protection in BTC , futures trading in BTC , and some other legitimate projects that are trying to achieve utility with their altcoin tokens. I'm confident that we will see some more interesting projects over time as this space continues to go mainstream and gain legitimacy.
Moreover, there will be a need for the manufacturing of better computer chips from the semi-conductor industry for miners in order to continue defending Bitcoin's network security. There has been a lot of news lately with regards to some mining companies purchasing millions of dollars worth of new equipment that isn't ready for delivery until June/July of 2021. Why would such mining companies be willing to accept delivery 6 months from now? They probably think demand will remain strong and that they see Bitcoin moving much higher.
Only time will tell how the crypto space develops. I'm expecting BTC's volatility to increase along with some shallow corrections (relatively speaking from past movements) in this potential bull run (consider support levels at the 20d, 50d, 100d, or 200d SMAs).