Ok so I'm just playing around here for sh1ts and giggles, but we all love Bitcoin and the big question is how high can it go? And if it can go higher, are we waiting for another major correction first?
Let's look at some history of some recent big moves in price:
In 2013: $13 to $225 (that's like x17). Repriced down to .786 Fib's $65. 180 days till next surge
2013-2014: About 100-1200 (x12). Repriced to below .786's $150. About 420 days before full correction
From there, there was that non-stop "surge + new support" pattern going really steep between mid-2016 to Dec 2017. That saw bitcoin go from 1k to about 20k (x20)
As we all know history repeats itself right? (yeh go ahead judge me): so
Corrective action: If we take the fib from 1000 to 20k, a .786 fib correction is around 4k-5k (BOOOOoooo. . . no one wants this.)
After correction action, for the next surge let's take the average previous surges: = around 16 and a third. Multiply the corrected price of 4.5k x 16.3 = 73,500 !!!! (YAAAAAAAY. Let's do this!!!)
On some "down to earth news", Goldman Sachs appears to be warming up to bitcoin in their recent correspondance with clients and press. If banks do start buying into Bitcoin, what happens to the price? hmmmmmm. . .
And now for the disclaimer!
** This information is for educational purposes only and not intended for advice on trading **
Let's look at some history of some recent big moves in price:
In 2013: $13 to $225 (that's like x17). Repriced down to .786 Fib's $65. 180 days till next surge
2013-2014: About 100-1200 (x12). Repriced to below .786's $150. About 420 days before full correction
From there, there was that non-stop "surge + new support" pattern going really steep between mid-2016 to Dec 2017. That saw bitcoin go from 1k to about 20k (x20)
As we all know history repeats itself right? (yeh go ahead judge me): so
Corrective action: If we take the fib from 1000 to 20k, a .786 fib correction is around 4k-5k (BOOOOoooo. . . no one wants this.)
After correction action, for the next surge let's take the average previous surges: = around 16 and a third. Multiply the corrected price of 4.5k x 16.3 = 73,500 !!!! (YAAAAAAAY. Let's do this!!!)
On some "down to earth news", Goldman Sachs appears to be warming up to bitcoin in their recent correspondance with clients and press. If banks do start buying into Bitcoin, what happens to the price? hmmmmmm. . .
And now for the disclaimer!
** This information is for educational purposes only and not intended for advice on trading **
Comment:
Strangely the 4k-5k level correction is looking very possible. I'm fine with that - even a 2k-3k level correction though I sure hope it gets to 70k-80k afterwards!
