Bitcoin Price Pullback Seems Likely in Near Term
Looking carefully at the last three Bitcoin spikes, all appear to be fluctuating about a near linear curve. I don't think we are at that point yet where bitcoin is going to go truly parabolic so to speak.
Take a look at the following graph:
You can see where we have had these recent bursts upwards, followed by a pullback.
As of right now, we look to be on a significant upward movement at present, which began just a couple of weeks ago. I strongly suspect though that within the next 3 to 4 weeks, Bitcoin will have dropped back down to between US$1400 and US$1500.
The only caveat that I will give here is that if there is a significant geopolitical event within the next 3 to 4 weeks, then this might be something that does take Bitcoin on a significant upward trend, deviating from the near linear curve mean, as detailed. e.g North Korea testing a 6th nuclear weapon.
I'm surprised we pushed thru resistance at $1900. I thought that would happen during next week's Consensus 2017 conference because Rootstock etc. It could pull back or continue from more buzz next week. All of this without scaling. Think about it.
I have seen this same analysis a few times. I am inclined to agree on the basis of fundamentals but there are some other forces dealing with this market. Will be an interesting summer.