BTC: the big picture

28 апр. 2021 г.

Lets zoom out on Bitcoin and see where we are.... BTC will print its first monthly red candle in 6 months, is that a worry? I am not worried about a red monthly candle on BTC, instead I had a look at the 2017 bull run and found a red monthly candle there aswell before BTC went parabolic. The similarities are huge:

- RSI peaks in 2017 and now, creating a small dip and further continuation to the uspside.
- From its monthly red candle in sept 2017; BTC printed 680% gains in the 3 months after that.
- At this current moment I do not believe BTC will do 680% as we are at a way higher market cap but we will likely see some good gains.

If we draw a FIB from the september 2017 low and current months low we see a very interesting point of interest: the 1.618 extensions level at a price of around 74K. This would be my next target for BTC in the coming two months. When we break that level and hold it as support in the months after; we will see a 100K Bitcoin - and with inflation running wild on the dollar; there is only one remedy for companies, institutions and investors; hodl BTC. If BTC reaches 100K; this would be huge and will create an influx of new investors because its the last proof of concept for Bitcoin; as the most important value of BTC is the price itself. So let me picture this; if BTC goes to 100K in this bull run, we will see a million dollar Bitcoin between 2024/2025.

IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.