BTCUSD - Bulls Need to Buy or We Retest Previous ATH
For the many bulls out there, hit that market buy to get this up above $13,800. A higher high needs to be created and not much time is left to maintain the cute pattern.
Good luck bulls.
Good luck bulls.
Comment:
The bullish case indicates a visit to ATH levels in August, 2022.
Comment:
We can also revisit previous ATH of $1120. It may seem unlikely, but it is possible for various reasons:
1) If long term holders only see a 150% gain in BTC in 2 years, they may decide to put their money in other assets. 150% may seem like a lot, but if it comes with the risk of an 80% loss, then why BTC?
2) Also, the economy can also continue to not do well, and we may enter a recession. There will not be new money coming in if that occurs. It is already somewhat probable for a second wave of the coronavirus which will affect everything.
3) This particular halving can also backfire, since mining rewards will be cut in half, and miners will lose interest since it costs too much to mine. A majority of the coins for Bitcoin are already mined as well. Is it really necessary to continue to reach the 21,000,000 target?
4) BTC's correlation with major indices is not a good sign. It is very possible we can experience a recession like the one in 1929, and if bitcoin correlates, it can see a major lower low.
5) Another alt coin nearly as old as BTC can take over, that is more in line with the founder's vision.
1) If long term holders only see a 150% gain in BTC in 2 years, they may decide to put their money in other assets. 150% may seem like a lot, but if it comes with the risk of an 80% loss, then why BTC?
2) Also, the economy can also continue to not do well, and we may enter a recession. There will not be new money coming in if that occurs. It is already somewhat probable for a second wave of the coronavirus which will affect everything.
3) This particular halving can also backfire, since mining rewards will be cut in half, and miners will lose interest since it costs too much to mine. A majority of the coins for Bitcoin are already mined as well. Is it really necessary to continue to reach the 21,000,000 target?
4) BTC's correlation with major indices is not a good sign. It is very possible we can experience a recession like the one in 1929, and if bitcoin correlates, it can see a major lower low.
5) Another alt coin nearly as old as BTC can take over, that is more in line with the founder's vision.