Bitcoin at a key inflection point

BITMEX:XBT   Bitcoin / U.S. Dollar Index
I want to start this out by making it clear I like Bitcoin in the long run. However, the euphoria in the market is at an all time high with nearly no fundamental justification. Price targets of $100k, $200k, or $1M within the course of a year or two are laughably wrong. Expecting a new commodity to surge past the market cap of a company like Apple is absolute lunacy.

Please understand that if you are expecting the destruction of the current monetary system that these things can take up to a decade to play out, not two years.

My trade plan:
I am expecting a trip back down to the $16,000-$20,000 buy range, where the whales will reload after dumping. REMEMBER: 95% of all Bitcoin is held by 2% of all wallets and there is talk that these people are working together. Do not fool yourselves, these whales are dumping into this rally hard and they will reload much lower.

  • We are in a major bull channel over the long term and I expect this to continue over the next decade.
    Weekly RSI (5) has broken overbought levels
    The BTCUSD stochastic has formed a clear 5 impulse wave rising wedge that mimics the exact action of ES before February 2020

Before I get the "stay poor" comments I will make it clear I own a company the revolves around cryptocurrency and also am a blockchain engineer. I love cryptocurrency but I do not share in the mental disorder shared by its cult members , neither should you.


Keep posting ideas, Im interested in seeing more of your analysis over the long term.
cpbeamer ruraldisturbance
@ruraldisturbance, will do. My time frames are longer than most posts but good value.
Note: Weekly Stochastic taking a big bearish plunge not near support yet, this correction has more room.
+1 Reply
I appreciate clarity and a different realistic perspective. Thank you!
cpbeamer alextheguy
@alextheguy, glad I could provide some value
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