Bitcoin long term: 2 variations of the same idea
We are clearly in a bear market and not a bull market correction.
This one is unlikely to be resolved earlier than the previous 2014/2015 bear market.
It is interesting to note that it is steeper though. How deep it will exactly go will say a lot about the market's expectation of bitcoin in the future and is likely to determine the steepness of the next parabolic trend that bitcoin will follow over the years.
If 5000 will provide a bottom, bitcoin is likely to consolidate for just over one year and will then slowly creep towards its all time high by 2021, perfectly following a 4 year cycle pattern with a blow off in late 2021/early 2022. This would likely push bitcoin to 100k and catapult crypto as a substantial asset class rivalling precious metals.
If 5000 fails, likely on its second test, bitcoin will fall further to 3000 where it then will hopefully consolidate for a year and slowly start to edge upwards toward creating a possibility for a blow off in 2023. This blow off would be a lot paler than 2017 and I would then aim for maximum 50k to be reached.
This one is unlikely to be resolved earlier than the previous 2014/2015 bear market.
It is interesting to note that it is steeper though. How deep it will exactly go will say a lot about the market's expectation of bitcoin in the future and is likely to determine the steepness of the next parabolic trend that bitcoin will follow over the years.
If 5000 will provide a bottom, bitcoin is likely to consolidate for just over one year and will then slowly creep towards its all time high by 2021, perfectly following a 4 year cycle pattern with a blow off in late 2021/early 2022. This would likely push bitcoin to 100k and catapult crypto as a substantial asset class rivalling precious metals.
If 5000 fails, likely on its second test, bitcoin will fall further to 3000 where it then will hopefully consolidate for a year and slowly start to edge upwards toward creating a possibility for a blow off in 2023. This blow off would be a lot paler than 2017 and I would then aim for maximum 50k to be reached.
Comment:
Wow, this was actually pretty good, not gonna lie.