What does the future hold for BTC? End of year analysis
BTC is starting to see some very powerful consolidation around the support area and is looking to break the current bear market cycle into huge upside potential.
The fibonnaci extension clearly shows the support and resistance levels that will be tested throughout the bull run that I predict will start at the end of November going into December. Historically price action has spiked dramatically whenever the year closes and I don't think this year will be any different I believe the main focus of many investors will be to buy after the bitcoin ETFs start gaining regulatory backing and acceptance.
The golden ratio shows 0.3 & 0.6 to be the most likely retracement points that bitcoins price will reach:
A. $10,265.00
B. $13,470.00
C. Potentially $15k+ by Q1 2019.
Overall the outlook for Q4 2018 is positive and we could see a start of a new bull run forming in the next few weeks!
There's a lot of work being done behind closed doors that will bring about new policy guidelines regulations and investment practices for digital assets. Next year we will see a flood of institutional money massively increasing the market cap of Cryptocurrencies globally.
The fibonnaci extension clearly shows the support and resistance levels that will be tested throughout the bull run that I predict will start at the end of November going into December. Historically price action has spiked dramatically whenever the year closes and I don't think this year will be any different I believe the main focus of many investors will be to buy after the bitcoin ETFs start gaining regulatory backing and acceptance.
The golden ratio shows 0.3 & 0.6 to be the most likely retracement points that bitcoins price will reach:
A. $10,265.00
B. $13,470.00
C. Potentially $15k+ by Q1 2019.
Overall the outlook for Q4 2018 is positive and we could see a start of a new bull run forming in the next few weeks!
There's a lot of work being done behind closed doors that will bring about new policy guidelines regulations and investment practices for digital assets. Next year we will see a flood of institutional money massively increasing the market cap of Cryptocurrencies globally.
Comment:
I still believe that BTC will hit these level's but until the current market conditions have transitioned into a more bullish momentum i believe we may still reach even lower price points.