Bitcoin long term perspective using line chart and focusing on the scale factor 10.
The factor of 10 starting at 1k.
1k -> 10k -> 100k -> 1M
2013 top $1177 (-88.23% of next 10 factor - 10,000)
2017 top $19764 (-80.24% next 10 factor - 100,000)
Difference between above
-8% approx. Then project that against next 10
factor 1million.
My projection is june 2023 top so
2023 top $277k (-72.22% of next 10 factor - 1million). That is approximately 5.4 Trillion market cap for bitcoin.
<Lines> Black top resistance line connects 1k to 10k once these prices were reached on the monthly timeframe respectively. Blue top resistance connects 10k to 64k top which leads to a 100K price around february 2022. I expect we reach 130k and retrace as projected in pink arrow. Then continue for another swing higher to form a rising wedge (see my related post for clear illustration)
Next bear market low I have projected as $50,684 around june 2024 approximately 1 year after the 277k ATH projection, an approx -81.70% retrace and around the date of the next bitcoin halving.
This is simply an observation and projection from the observation, it does not imply certainty. Time is important in terms of how long was spent at 1k and 10k which we can forecast for the subsequent 100k (should it happen) that I may discuss at a later stage. Always adapt strategy according to what market tells you. For now let’s see how it plays out as this is a 2-3year projection, anything can happen.
Good luck.
The factor of 10 starting at 1k.
1k -> 10k -> 100k -> 1M
2013 top $1177 (-88.23% of next 10 factor - 10,000)
2017 top $19764 (-80.24% next 10 factor - 100,000)
Difference between above
-8% approx. Then project that against next 10
factor 1million.
My projection is june 2023 top so
2023 top $277k (-72.22% of next 10 factor - 1million). That is approximately 5.4 Trillion market cap for bitcoin.
<Lines> Black top resistance line connects 1k to 10k once these prices were reached on the monthly timeframe respectively. Blue top resistance connects 10k to 64k top which leads to a 100K price around february 2022. I expect we reach 130k and retrace as projected in pink arrow. Then continue for another swing higher to form a rising wedge (see my related post for clear illustration)
Next bear market low I have projected as $50,684 around june 2024 approximately 1 year after the 277k ATH projection, an approx -81.70% retrace and around the date of the next bitcoin halving.
This is simply an observation and projection from the observation, it does not imply certainty. Time is important in terms of how long was spent at 1k and 10k which we can forecast for the subsequent 100k (should it happen) that I may discuss at a later stage. Always adapt strategy according to what market tells you. For now let’s see how it plays out as this is a 2-3year projection, anything can happen.
Good luck.
