BTC Update:
BTC is currently at culmination of game and a certain channel. In my personal opinion, probability of an upside is very high and I have two reasons for this: we are on lower line of channel, which should act as support - next thing we do is retest the downtrend breakout lines. Additionally, greed is high and everyone is waiting for a big correction to buy as cheaply as possible - and this may not happen at all.
Pure mathematics:
On average, four times more BTC is purchased by ETFs every day than is mined daily by miners. There are about 30 days left until Halving - after time when purchasing average is maintained, and it should be, because at moment only 10% of all financial funds currently provide ETF services and many are already applying for new ones, there will be 8 times more BTC purchased than on a daily basis mined by miners.
Historically:
Each time after crossing last peak, BTC made a small correction of around 20%, followed by a very quick rebound upwards of around 90%-100%.
General narrative:
Greed at a very high level - which works both ways, everyone wants to sell as expensive as possible but also buy as cheap as possible. I believe that it will still be too expensive for most investors and they will only join market when BTC cent reaches new historical highs around $100,000. Then funds will start selling first larger batches of BTC to naive street and dress them up with expensive BTC. Greed will destroy them because it was still too expensive for them and with each adjustment they thought it would be even cheaper. Instead of accumulating in batches and averaging the purchase.
Good Luck :)
BTC is currently at culmination of game and a certain channel. In my personal opinion, probability of an upside is very high and I have two reasons for this: we are on lower line of channel, which should act as support - next thing we do is retest the downtrend breakout lines. Additionally, greed is high and everyone is waiting for a big correction to buy as cheaply as possible - and this may not happen at all.
Pure mathematics:
On average, four times more BTC is purchased by ETFs every day than is mined daily by miners. There are about 30 days left until Halving - after time when purchasing average is maintained, and it should be, because at moment only 10% of all financial funds currently provide ETF services and many are already applying for new ones, there will be 8 times more BTC purchased than on a daily basis mined by miners.
Historically:
Each time after crossing last peak, BTC made a small correction of around 20%, followed by a very quick rebound upwards of around 90%-100%.
General narrative:
Greed at a very high level - which works both ways, everyone wants to sell as expensive as possible but also buy as cheap as possible. I believe that it will still be too expensive for most investors and they will only join market when BTC cent reaches new historical highs around $100,000. Then funds will start selling first larger batches of BTC to naive street and dress them up with expensive BTC. Greed will destroy them because it was still too expensive for them and with each adjustment they thought it would be even cheaper. Instead of accumulating in batches and averaging the purchase.
Good Luck :)
Comment:
Yes, I know there's a mistake in title - it was supposed to be: next target :)
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