I have an interesting idea from studying the logarithmic superstructure of BTC that I would like to share with the TV community;
From 2012-2018, BTC was trading above the black support line. However, during the late-2018 crash that saw us hit our cyclical low of $3,400, BTC fell BELOW this support line. The following pump in Summer-2019 actually confirmed it as resistance.
Now it looks as if BTC is taking another swing at this support-turned-resistance, and according to this model, that will occur at around 65k-75k; this figure is actually the 3.618-4.236 fib range.
Interesting note - all previous BTC bullruns have actually generously surpassed the 4.236 fib, so I will refrain from making so bold a statement as to say that this is going to be the absolute top of this cycle. HOWEVER, we are talking about a nearly 10 year trend line here, lets not disregard this.
Hence, It would be wise to consider taking profits as we approach this trendline. Beyond that, we can only speculate possible future scenarios, a few of which I'll outline as follows;
a) BTC can break upwards, which would shoot us straight into 6-figures. Potentially, it would reject at first, then consolidate to build energy, then continue up.
b) A violent rejection of this resistance can toss us back down AS LOW AS $15,000 - see the new log slope denoted with a faint red trendline. If such rejection were to take place, it would confirm that BTC has entered a flatter rate of growth. And this actually does makes sense to me, given the size of the marketcap at this point.
c) BTC may continue to bang its head against the resistance throughout 2021, in which case we can still see prices as high as $190,000 before 2022.
As we all know by now, Bitcoin has always been a big gamble at a high-stakes game. I wish you all the best of luck.
From 2012-2018, BTC was trading above the black support line. However, during the late-2018 crash that saw us hit our cyclical low of $3,400, BTC fell BELOW this support line. The following pump in Summer-2019 actually confirmed it as resistance.
Now it looks as if BTC is taking another swing at this support-turned-resistance, and according to this model, that will occur at around 65k-75k; this figure is actually the 3.618-4.236 fib range.
Interesting note - all previous BTC bullruns have actually generously surpassed the 4.236 fib, so I will refrain from making so bold a statement as to say that this is going to be the absolute top of this cycle. HOWEVER, we are talking about a nearly 10 year trend line here, lets not disregard this.
Hence, It would be wise to consider taking profits as we approach this trendline. Beyond that, we can only speculate possible future scenarios, a few of which I'll outline as follows;
a) BTC can break upwards, which would shoot us straight into 6-figures. Potentially, it would reject at first, then consolidate to build energy, then continue up.
b) A violent rejection of this resistance can toss us back down AS LOW AS $15,000 - see the new log slope denoted with a faint red trendline. If such rejection were to take place, it would confirm that BTC has entered a flatter rate of growth. And this actually does makes sense to me, given the size of the marketcap at this point.
c) BTC may continue to bang its head against the resistance throughout 2021, in which case we can still see prices as high as $190,000 before 2022.
As we all know by now, Bitcoin has always been a big gamble at a high-stakes game. I wish you all the best of luck.
But the exact price is not the important thing, the important thing is that we do not get rejected by the resistant, otherwise we could see some negative price action for some time.