First I want to mention this is my first TV chart idea and I'm no professional trader by any means. Take this idea with a grain of salt.
Based on my relatively simple chart, I think there's a good probability of Bitcoin hitting the 20k target during October of this year.
If this target is reached I suspect one of two scenarios. I'm leaning more towards further upside breaking through 20k after a small shakeout. Bitcoin has steadily increased in price since inception and unless there's a black swan event to damage confidence (very possible) I think new interest combined with more preparation to handle high numbers will benefit Bitcoins price in the following months.
Alternatively perhaps MSM news will pump the "20k ATH Bubble news" and new investors will get dumped on with a sharp retrace. In this scenario I can see revisiting 12k as a worst case scenario, by then I suspect Bitcoin will want to resume bullish momentum.
Based on my relatively simple chart, I think there's a good probability of Bitcoin hitting the 20k target during October of this year.
If this target is reached I suspect one of two scenarios. I'm leaning more towards further upside breaking through 20k after a small shakeout. Bitcoin has steadily increased in price since inception and unless there's a black swan event to damage confidence (very possible) I think new interest combined with more preparation to handle high numbers will benefit Bitcoins price in the following months.
Alternatively perhaps MSM news will pump the "20k ATH Bubble news" and new investors will get dumped on with a sharp retrace. In this scenario I can see revisiting 12k as a worst case scenario, by then I suspect Bitcoin will want to resume bullish momentum.