Playing the long game
Over the last week bitcoin has seen steady ups and downs, with the cryptocurrency seemingly losing steamI expect the market to consolidate for a few weeks before attempting another run at the $15,000 psychological level.
Bitcoin remains one of the best performing assets of the last decade, outperforming gold and the trillion dollar stocks market by at least x4 margins.
With the bitcoin halving slated to occur by the first quarter of 2020, institutional investors have started coming in droves.
Mostly driven by the announcement by Facebook to go all in into cryptocurrency via their Libra platform .
As the months pass, we will see a steady rise in the price of bitcoin , most likely ending the year on or around ,$17,000 per bitcoin.
*Disclaimer: this is not a financial advice, all charts and wordings are for entertainment and informative purposes only, I am not a professional trader and as such should not be relied upon at this stage for your crypto charts and calls *
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What is your basis for price target 17.5k by the end of the year?
More of a Personal target than anything else.
Sorry I'm on mobile tonight, so chart is gonna be a bit congested.
I personally feel bitcoin is going to go on a multi-week consolidation before attempting to break the $15,000 range. The fact that we've been hitting high values on the RSI shows that we're really exhausted on this mini bull run we had, I expect BTC to hover around $13k to 9k for a few weeks, this should then form the basis upon which we build up to $15,000 and then $17k.
The FA to keep this going is of cause bakkt, libra, BTC halving and the host of institutions in crypto now. These are enough fuel to keep BTC from tanking.
We have to break out of that long term wedge tho, you can see the heavy rejected immediately we touched it last month.
So far every prediction about bitcoin has been made based on wishes as opposed to sound data. I understand that this might be difficult to achieve being that it is the first time this phenomenon is happening. Lets see what happens