So first of all I am net long on bitcoin but short term I am short biased. I have never seen over-extension like this that actually continues for very long. I do believe that we will drop to 15k where we will form an inverse head and shoulders pattern on the weekly. After that has been created bitcoin will create the largest rally in it's history.
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If price breaks higher than 55-60k then it means I have made a mistake in the top and in actual fact price will rally to 90k before creating a bear market. So far that is not the case so I am sticking with my primary analysis.
If price does break higher I know the exact mistake I made according to the historical analogue.
15k bro come on be real, if we go that low we are back in a bear market
TradingTimer63
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As in, you are saying The price of bitcoin will become $15000?
NinjaTradingServices
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@abiraj05, Yes, my prediction is that we will drop to 15k, where I will buy to hold long term. In the meantime shorts down to that level are possible.
TradingTimer63
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@NinjaTradingServices, Interesting! That's a pretty wild number - I'm what period would you think this would happen? Given the current corporate interest it's very hard to believe though anything could happen
NinjaTradingServices
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@abiraj05, Towards the end of 2021. Which would also coincide with my prediction that the sp500 will have a MAJOR crash. So maybe at that time there will be a clear and significant divergence between the sp500 and BTC. So basically im predicting by the end of 2021 BTC will begin a huge bull trend and the sp500 will begin a huge crash. I could be wrong of course and I will change, adapt and update accordingly.
GrouponDiscount
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@NinjaTradingServices, i def think there will be a correction but not to 15k, im personally looking at re-entry around 43k, looking at previous bull cycles we should have until at least may until things start going long term bearish?
Dandan30
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mate you have balls to post this but everyone has a opinion and if you are right well i guess ill be back to congragulate you which i dont think will happen
TradingTimer63
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@dannyrodriguez92, Bit defensive? No where did I state what will happen, Pretty sure the summary was "One looks more likely than the other but would be cool to see the outcome"
Frankly I'm just interested in the thoughts in the market, not invested in BTC