So BTC is looking good, more and more so with each passing week. Some still cling to their hopes that they can buy in cheap at sub 3k prices, hoping for BTC to do the famous ABC correction, because they mistakenly
thought that the top at 20k has been wave 5 of the trend that started in 2010.
However, BTC doesn't really care about Eliott wave theory, I am skeptical of it anyways, because it mostly seems to work in hindsight, hehe.
BTC is driven by adoption, by the underlying principle of hashing and difficulty and block reward. With the block reward halving nearing and nearing, and transactions remaining high, the chances for a bigger
dump are now getting lower and lower.
Yes, we still could revisit the weekly MA200 currently at 5200, in a brief and brutal flash-crash, akin to the Silk-road flashcrash in 2013. That is not impossible.
But, we are now getting ready for the next rally.
How fast will it go up, we cannot know, but I drew 2 routes which I think are the likeliest.
The blue one is the surprise route, where BTC surprises us with unexpected quickness, reaching the ATH sooner than in the last cycle.
The green one is the "normal" route, which many expect, namely ATH again towards the end of 2021, corresponding well to the roughly 4 year halving cycle.
I am unsure which one it will be, but since so many people are bearish and tend to under-estimate BTC, I wouldn't be surprised if we'd see the blue route with a slightly higher probability.
But that is just a guess. One thing is clear however, BTC is gearing up for the next rally, at it's only a matter of time until we see new ATHs.
thought that the top at 20k has been wave 5 of the trend that started in 2010.
However, BTC doesn't really care about Eliott wave theory, I am skeptical of it anyways, because it mostly seems to work in hindsight, hehe.
BTC is driven by adoption, by the underlying principle of hashing and difficulty and block reward. With the block reward halving nearing and nearing, and transactions remaining high, the chances for a bigger
dump are now getting lower and lower.
Yes, we still could revisit the weekly MA200 currently at 5200, in a brief and brutal flash-crash, akin to the Silk-road flashcrash in 2013. That is not impossible.
But, we are now getting ready for the next rally.
How fast will it go up, we cannot know, but I drew 2 routes which I think are the likeliest.
The blue one is the surprise route, where BTC surprises us with unexpected quickness, reaching the ATH sooner than in the last cycle.
The green one is the "normal" route, which many expect, namely ATH again towards the end of 2021, corresponding well to the roughly 4 year halving cycle.
I am unsure which one it will be, but since so many people are bearish and tend to under-estimate BTC, I wouldn't be surprised if we'd see the blue route with a slightly higher probability.
But that is just a guess. One thing is clear however, BTC is gearing up for the next rally, at it's only a matter of time until we see new ATHs.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.