Bitcoin Log scale RSI and Moving Averages are starting to turn downward on the 1D chart. The trend angle in the last two months dropped by 10 degrees. There is a lack of volume in the current "leg up." If the trend were to continue, Bitcoin price would have to be 100k in 1 month. However, there is no sign of buy volume at these prices that would bring it to that level. The most VWAP is currently at about $36k, near the very important 0.618 Fib level (When drawing top fib line from the highs in 2014 and 2017).
Fundamentally, VISA has opened USD coin verification of their transactions (A stablecoin, not related to bitcoin price), and Paypal has authorized the use of bitcoin to pay for things (This is only a way for people to SELL their bitcoin, not to buy it). Paypal also announced the ability to buy cryptocurrency on their platform, but this was about a month ago and is already priced in. Some big banks are working on developing trading desks for bitcoin, but I doubt they will make bitcoin available to their customers in the next month, and it looks like they are only recommending bitcoin to their most aggressive risk-tolerant investors.
In order for the price of bitcoin to reach 100k in a month, $1 trillion would need to be pumped into bitcoin the next few weeks. I wouldn't count on institutional investors to do that for us. In fact, if you look at the number of accounts with over 1000 BTC at this time, it has dropped significantly since BTC price was around $30k.
I think it's more likely that bitcoin owners sell at these levels and wait for repurchase near the VWAP/0.618 Fib level at around $36,000 by the end of April. That's my price target. From there, I expect the price to probably linger for some time before jumping significantly again, most likely breaking the ATH and reaching $100k by the end of August.
Fundamentally, VISA has opened USD coin verification of their transactions (A stablecoin, not related to bitcoin price), and Paypal has authorized the use of bitcoin to pay for things (This is only a way for people to SELL their bitcoin, not to buy it). Paypal also announced the ability to buy cryptocurrency on their platform, but this was about a month ago and is already priced in. Some big banks are working on developing trading desks for bitcoin, but I doubt they will make bitcoin available to their customers in the next month, and it looks like they are only recommending bitcoin to their most aggressive risk-tolerant investors.
In order for the price of bitcoin to reach 100k in a month, $1 trillion would need to be pumped into bitcoin the next few weeks. I wouldn't count on institutional investors to do that for us. In fact, if you look at the number of accounts with over 1000 BTC at this time, it has dropped significantly since BTC price was around $30k.
I think it's more likely that bitcoin owners sell at these levels and wait for repurchase near the VWAP/0.618 Fib level at around $36,000 by the end of April. That's my price target. From there, I expect the price to probably linger for some time before jumping significantly again, most likely breaking the ATH and reaching $100k by the end of August.
