Bitcoin Still Going to $20,000? I Wouldn't Bet On It...
Bitcoin is a wild stallion that cannot be tamed. I believe if it wasn't for the positivity and confidence about Bitcoin that came out of the B-Word conference we may of continued down a path below $30,000 making a stronger case for the bears. The B-Word conference has definitely lightened the extremely negative sentiment brewing throughout the space. Even the tone from Elon Musk is a drastically different tone than what we heard over 2 months ago which was the major catalyst for the crash in May.
We are still not quite out of bear territory yet but this a much better sign of a positive trend and narrative going forward. Without Elon Musk's trolling fear, uncertainty, and doubt tweets or more negative Cryptocurrency news from China it will be harder for the bears to get Bitcoin to their beloved $20,000 levels or lower. But be prepared for anything in cryptocurrency. Getting down to a $20,000 Bitcoin is definitely not impossible, but I believe the longer we build heavy support above $30,000 the more difficult it becomes. $30,000 is looking more and more like the base floor price of a modern day Bitcoin. The more positive sentiment builds up the more difficult it becomes. The only place left to go from being fearful is being back to greedy.
Things to consider moving forward:
* We're still below the 200 Moving Average on the daily.
* We're still trading between $30,000 - $40,000.
* We are still fearful on the Fear & Greed Index but out of the Extremely Fearful territory for now.
* Ethereum EIP-1559 tentative in August.
* Tesla will resume accepting Bitcoin payments in the near future.
* We are coming out of negative territory on the weekly MACD (But we're still very high on the monthly MACD)
* Potential Amazon adoption by the end of this year or next year.
* We haven't bearishly diverged yet on the monthly MACD ( May still indicate the bear trend and negative price action will be prolonged)
* The unclean energy narrative will no longer be a cause of concern in the near future.
* More multi-trillion dollar stimuluses to come under the Biden administration and worldwide governments.
* Global money supply continues to drastically expand at unprecedented rates in history.
Where do we go form here? We want to see a retest of $42,500 on the and break past that price level to start a strong new continuation of the bull market. If we can't break past that there's always the possibility of going back to $29,000 levels. This is still very much a wait and see. We will get through this! But as I've been saying. The fundamentals going forward are way more bullish than bearish.
Much peace, love, health and wealth!
We are still not quite out of bear territory yet but this a much better sign of a positive trend and narrative going forward. Without Elon Musk's trolling fear, uncertainty, and doubt tweets or more negative Cryptocurrency news from China it will be harder for the bears to get Bitcoin to their beloved $20,000 levels or lower. But be prepared for anything in cryptocurrency. Getting down to a $20,000 Bitcoin is definitely not impossible, but I believe the longer we build heavy support above $30,000 the more difficult it becomes. $30,000 is looking more and more like the base floor price of a modern day Bitcoin. The more positive sentiment builds up the more difficult it becomes. The only place left to go from being fearful is being back to greedy.
Things to consider moving forward:
* We're still below the 200 Moving Average on the daily.
* We're still trading between $30,000 - $40,000.
* We are still fearful on the Fear & Greed Index but out of the Extremely Fearful territory for now.
* Ethereum EIP-1559 tentative in August.
* Tesla will resume accepting Bitcoin payments in the near future.
* We are coming out of negative territory on the weekly MACD (But we're still very high on the monthly MACD)
* Potential Amazon adoption by the end of this year or next year.
* We haven't bearishly diverged yet on the monthly MACD ( May still indicate the bear trend and negative price action will be prolonged)
* The unclean energy narrative will no longer be a cause of concern in the near future.
* More multi-trillion dollar stimuluses to come under the Biden administration and worldwide governments.
* Global money supply continues to drastically expand at unprecedented rates in history.
Where do we go form here? We want to see a retest of $42,500 on the and break past that price level to start a strong new continuation of the bull market. If we can't break past that there's always the possibility of going back to $29,000 levels. This is still very much a wait and see. We will get through this! But as I've been saying. The fundamentals going forward are way more bullish than bearish.
Much peace, love, health and wealth!
Comment:
Comment:
* The Fear and Greed Index hits 50: alternative.me/crypt...ear-and-greed-index/
We have finally come out of from being extremely fearful, to fearful, and now to neutral. The last time we came close to 50 was May 5th which was at a 48. These are positive signs of recovery.
We have finally come out of from being extremely fearful, to fearful, and now to neutral. The last time we came close to 50 was May 5th which was at a 48. These are positive signs of recovery.
www.reuters.com/busi...-payment-2021-07-26/