I have been thinking about it for a while, this could be the last run up of BTC.
For the most part of the BTC bull run, it shaped up in an upward trading channel. In these types of channel, the seller is smart as he keeps selling at higher highs while the buyer is aggressive, continuously buying through higher lows. BTC broke out of the channel at USD1,300 and entered a seemingly parabolic run (check geometry parabolas). This type of run for me represents panic buying - it is unsustainable, highly profitable, and prone to profit taking.
Forget the fundamentals - increasing merchants, country laws, etc. Hope I am wrong but usually the charts dont lie.
BTC will be back at USD1,250.
For the most part of the BTC bull run, it shaped up in an upward trading channel. In these types of channel, the seller is smart as he keeps selling at higher highs while the buyer is aggressive, continuously buying through higher lows. BTC broke out of the channel at USD1,300 and entered a seemingly parabolic run (check geometry parabolas). This type of run for me represents panic buying - it is unsustainable, highly profitable, and prone to profit taking.
Forget the fundamentals - increasing merchants, country laws, etc. Hope I am wrong but usually the charts dont lie.
BTC will be back at USD1,250.