Bitcoin about to burst to $70,000 on institutional accumulation?
This post is an almost identical one to the I posted yesterday on Ethereum where I have plotted the parabolic curve on the top two cryptos by market cap. We can see here on the bitcoin chart that the parabolic indictor (red dots) has been forming a perfect curve with the dotted support now higher than the breakout news around 38-40k when TESLA announced its 1.5 billion dollars worth of BTC.
From a fundamentals perspective, we can see that there is a lot of buying interest from institutions at the moment with TESLA announcing that they now own a huge amount of Bitcoin and will be allowing purchases in Bitcoin soon. This is creating a new market and competitive advantage which others will need to do to keep up. It's clear to me barring an exceptional piece of anti crypto news by governments that the only way for cryptos short term is up. This is the golden year where we know institutional buying is high and we should be putting a large percentage of our portfolios in crypto (due to this parabolic curve).
Have a look at my post from yesterday when you finished reading this where I suggested ETHUSD was about to make a run to $2700. Bitcoin has a remarkably identical chart formation at the moment. Both cryptos are nudging against the tops of the blue channel walls with decreasing volume which signals an impending breakout. It looks as though price is in a consolidation/ accumulation phase here where institutions are buying and trying not to move the price too much. It seems to me that we will likely get news regarding further institutional/ big company purchases of Bitcoin or similar industry favourably towards Bitcoin in the next few weeks and this will cause the Bitcoin price to spike further and Ethereum to follow.
Once this happens, I expect the parabolic curve to go into its final vertical phase taking us into the red steeper channel and up to $70,000. As with all parabolic moves we can then expect the Bitcoin and Ethereum price to break down perhaps for the latter part of the year before renewed buying next year, even bigger I would imagine.
With this move I am getting in before the break into the red channel not after, to minimise risk. We should be looking to do the same buy each mini dip, not shorting (unless we are an extremely skilled swing trader) and keeping stops below the red parabolic indicator dots. We can then happily raise our profit stop losses all the way to $70k looking to exit the market at the top of a parabolic move.
If you would like to follow this trade hit the follow tag above, i'll post regular updates as it happens.
From a fundamentals perspective, we can see that there is a lot of buying interest from institutions at the moment with TESLA announcing that they now own a huge amount of Bitcoin and will be allowing purchases in Bitcoin soon. This is creating a new market and competitive advantage which others will need to do to keep up. It's clear to me barring an exceptional piece of anti crypto news by governments that the only way for cryptos short term is up. This is the golden year where we know institutional buying is high and we should be putting a large percentage of our portfolios in crypto (due to this parabolic curve).
Have a look at my post from yesterday when you finished reading this where I suggested ETHUSD was about to make a run to $2700. Bitcoin has a remarkably identical chart formation at the moment. Both cryptos are nudging against the tops of the blue channel walls with decreasing volume which signals an impending breakout. It looks as though price is in a consolidation/ accumulation phase here where institutions are buying and trying not to move the price too much. It seems to me that we will likely get news regarding further institutional/ big company purchases of Bitcoin or similar industry favourably towards Bitcoin in the next few weeks and this will cause the Bitcoin price to spike further and Ethereum to follow.
Once this happens, I expect the parabolic curve to go into its final vertical phase taking us into the red steeper channel and up to $70,000. As with all parabolic moves we can then expect the Bitcoin and Ethereum price to break down perhaps for the latter part of the year before renewed buying next year, even bigger I would imagine.
With this move I am getting in before the break into the red channel not after, to minimise risk. We should be looking to do the same buy each mini dip, not shorting (unless we are an extremely skilled swing trader) and keeping stops below the red parabolic indicator dots. We can then happily raise our profit stop losses all the way to $70k looking to exit the market at the top of a parabolic move.
If you would like to follow this trade hit the follow tag above, i'll post regular updates as it happens.
Trade active:
Fed's Bullard. Bitcoin at 50k is just normal investing... up we go then.
twitter.com/bre...948011044220930?s=20
twitter.com/bre...948011044220930?s=20
Comment:
I'm still in my long term spot BTC position as we are very much in a bull market in crypto still. I find it unsettling though that one man (Elon Musk) can have so much power though. I'm still trading swings though in separate trades and will post updates as and when I have time (on separate posts)
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
Telegram coming soon.
Telegram coming soon.