I have marked down the price ranges and their corrections, here is my analysis:
I do agree, for myself to make the claim that this will happen is very bold. I do believe the general trend, as seen on BLX, is upward as its coupled with NASDAQ, QQQ, SPY etc.
Based on the history of Bitcoins price action, it always has its rally, then either FUD or generally bearish market corrections take place.
If this is to repeat itself after almost all of these large moves, or rallies, and have those corrections, my thoughts would be it would look quite similar to this.
However, if there is more money being poured into Bitcoin over time, as we all believe there will be. The volatility will reduce, and those corrections wont be as significant as depicted in the chart here. Nonetheless, i'm interested to see where this goes and if it truly does move as i've thought.
- Upward from here, to around 85k and have a correction down to 48k (or around 50k).
- It will then move up to 100k, have a correction down to 67k
- Building back up past the 100k mark, it will reach around 150k then have a minor correction down to 120k.
- Finding the bottom, it moves its way back up toward 200k with a significant correction down to 130k.
I do agree, for myself to make the claim that this will happen is very bold. I do believe the general trend, as seen on BLX, is upward as its coupled with NASDAQ, QQQ, SPY etc.
Based on the history of Bitcoins price action, it always has its rally, then either FUD or generally bearish market corrections take place.
If this is to repeat itself after almost all of these large moves, or rallies, and have those corrections, my thoughts would be it would look quite similar to this.
However, if there is more money being poured into Bitcoin over time, as we all believe there will be. The volatility will reduce, and those corrections wont be as significant as depicted in the chart here. Nonetheless, i'm interested to see where this goes and if it truly does move as i've thought.
