The title is catchy I know but it feels so strange to me that even after Bitcoin's recent jump, there are still people calling for 3000 or 1000 or 0! Lucky for them, Bitcoin doesn't seem to have entered its parabolic rise yet and before its does so, it may provide one last pull-back for accumulation.
At the moment, the price is testing the -4o Lower High trend-line that started on its All Time High (ATH). The contact point is exactly on the 0.786 Fibonacci retracement level. Why are those worth mentioning? Because during the previous cycle, BTC tested both the -4o Lower High trend-line from its ATH as well as the 0.786 Fib, right before it started the parabolic phase of the Bull Market. But before it did so, that level was rejected, providing a pull-back towards the 1W MA50. That was the last good opportunity to buy before the price tested the ATH and never looked back.
So do you think BTCUSD will be rejected here, giving one last buy opportunity to those who missed the train at the bottom? Feel free to share your work and let me know in the comments section!
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I am learning to the bullish narrative for BTC Nope I dont think BTC will give the nonbelievers another chance
Would love to be wrong as then I could stack more sats :)
this rally in my view could go all the way up to around 15k in the next month or two
I would suggest That if you can by BTC for between $ 11200 and $ 11100 that would be a fire sale of the year ...
I honestly don't see a sub 10 K BTC ever again ... :)
I think the train has either left or is leaving the station ...
Not trying to induce fomo
Never make a choice out of fear !
Not financial advice...
TradingShot
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@iamthree, Stacking sats is the name of the game :)
x484f444c
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Interesting idea and great chart, though I don't think it will pull back that low this time (1w 50sma is circa $9050). Current weekly candles appear to be setting up for higher lows, so unless something external kicks everything down, I'd be surprised to see it drop below 11.5.
TradingShot
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@x484f444c, Indeed a Higher Low at 11.5 would be ideal.
cosmicnexus
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Hey TS... anything is possible of course, but given the bullish momentum and activity of the last week or so I do believe your prediction of BTC cresting the 14K mark by election day is the higher probability right now. That said, given that it appears BTC will be headed much, much higher over the next few years there will still be plenty of buying opportunities for non-believers, they just won't be quite as profitable as for people buying in now. If it eventually goes to 1M as many are predicting it will the difference of a few tens of thousands of $$$ regards entry point will be relatively negligible anyway in terms of $$$ returns, although it will make a serious diff on % returns.
TradingShot
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@cosmicnexus, Well said. After all whats 14k now that we have gone most of the way. As for the 1M... even though I wish, I believe seems kind of unrealistic based on the cap it would have. But BTC and unrealistic have been together since the very beginning...
cosmicnexus
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@TradingShot, yah 1M seemed unreal to me for quite some time too. However, after having read information from a number of respected people who are part of the normal markets, including that of some of the gurus producing some rather high priced newsletters that have to make money for their subscribers or they die, they have made a good case for 1M in about 10 years time. A lot of their reasoning is based on the early, mid and late adoption models. BTC is just ending it's early adoption phase. This is where about 10% of those who could/would possibly get onboard have done so.
BTC is also not restrained by normal market cap principles. It has no stock or shares or anything of the sort. It is an alt currency by all rights. How much it's overall capitalization can/will become is dependent on only one thing in the end... which is how much 1 BTC is worth, because there will never be more than 21M BTC. How much 1 BTC is worth depends on how much in demand it is as a currency. Right now the number of hedge funds, large companies and even governments getting involved in cryptos is going to drive grandfather BTC higher in ways I think are hard for any of us to imagine right now. Just like in the early days when it was around $1 I thought it would never amount to much of anything and would be crushed by the powers that shouldn't be. That hasn't happened, and I saw the crypto light perhaps a bit too late, but still within the early adoption phase and that is where people make out the best.
johnmcal3
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Wouldn’t that be nice, I wouldn’t have a penny left in any of my other investments if we had such a cherry of an opportunity, but I think our lovely coin has given us plenty. Time for her to move on, some gaps just aren’t meant to be filled...
TradingShot
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@johnmcal3, There is a certain point where BTC never looks back and gaps are left to being gaps.
johnmcal3
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@TradingShot, But trust and believe, I hope your charts potential is accurate, there are few things at this moment that I would prefer, to being able to invest every bit of liquid asset I own into BTC at 3000...
Would love to be wrong as then I could stack more sats :)
this rally in my view could go all the way up to around 15k in the next month or two
I would suggest That if you can by BTC for between $ 11200 and $ 11100 that would be a fire sale of the year ...
I honestly don't see a sub 10 K BTC ever again ... :)
I think the train has either left or is leaving the station ...
Not trying to induce fomo
Never make a choice out of fear !
Not financial advice...