Hello, I think although simplistic, many people are again afraid of a massive H&S structure similar to the May crash, when this looks preposterously easy again to predict as a Wyckoff Accumulation.
On chain indicators are still strong, long term holders are still net accumulating, with a small November 2020 style profit taking.
We still need to see a redistribution of BTC from long term holders to short term holders to create a parabolic blow off top.
Exchange liquidity is almost at an all time low, and I also think people are neglecting the Q1 news blitz, with Square, Amazon, and more projecting to release BTC consumer products. Secondarily, with the Taproot upgrade, we didn’t see much movement from the Segwit upgrade which was a much smaller update and took about 3 months to show in price- which would point to January 2022 as a recovery.
I also think the BTC/M1 is an amazing pair to be watching right now, in that pair, there has been no ATH achieved above 2017, which means BTC hasn’t even outrun inflation yet.
What consumers aren’t realizing yet is, Bitcoin is severely undervalued in its USD pair. While I don’t see this price occurring, if we were to take a 2013-2017 ATH gain against M1 in 2017 - 2022, we’d be looking at a $700,000 Bitcoin.
I don’t ask myself if $100,000 is possible, I’m personally expecting a top in the ball park of $300,000.
On chain indicators are still strong, long term holders are still net accumulating, with a small November 2020 style profit taking.
We still need to see a redistribution of BTC from long term holders to short term holders to create a parabolic blow off top.
Exchange liquidity is almost at an all time low, and I also think people are neglecting the Q1 news blitz, with Square, Amazon, and more projecting to release BTC consumer products. Secondarily, with the Taproot upgrade, we didn’t see much movement from the Segwit upgrade which was a much smaller update and took about 3 months to show in price- which would point to January 2022 as a recovery.
I also think the BTC/M1 is an amazing pair to be watching right now, in that pair, there has been no ATH achieved above 2017, which means BTC hasn’t even outrun inflation yet.
What consumers aren’t realizing yet is, Bitcoin is severely undervalued in its USD pair. While I don’t see this price occurring, if we were to take a 2013-2017 ATH gain against M1 in 2017 - 2022, we’d be looking at a $700,000 Bitcoin.
I don’t ask myself if $100,000 is possible, I’m personally expecting a top in the ball park of $300,000.