What a night.
BTCUSD bulls smashed straight through the 30K handle / 161.8 extension early on in yesterday's US session, trading as high 33290 before falling back sharply in early Asia to 30600:
Stubborn as ever, the bulls pushed back and managed to finish the day 2800 points higher at 32180:
The break above the 161.8 extension opens up the path to the next higher time frame target above 36700 - this is the 200% extension - the point where the current break above 20K is of equal magnitude to the 2018 bear market.
The 4H hanging man topping candle on our first chart gives some cause for concern, as does the fact we're now pushing 11 consecutive days of strong closes.
Having said that, this thing could just keep ripping higher - retail FOMO is only just starting to take hold:
Google searches for Bitcoin - Google Trends
... and we have supply and demand dynamics that suggest this time could indeed be different - @jrcornel has written some great stuff on this which is well worth checking out.
To reiterate, I have no idea what will happen from here and anyone who pretends they do know what will happen is either inexperienced, full of shit, or both.
For what it's worth, our BeatingBitcoin trend following strategy remains long from 19K and bullish above 28K:
As I finish this post, we have just surged to a new all time high above 34000:
Good luck out there!
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BTC just keeps rising Nas the goes by, the prediction of actually hitting $54k in 2021 might just be the target of BTC
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Yep, conservative looking at past cycles, but volatility in % terms has been dropping as the handles get bigger.
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I really don't think $54 will be where BTC tops out in this bull market. It's bound to go higher because the institutional FOMO is just beginning. I'm inclined to believe the forecasts that put it in the low six figures.
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Yeah with you there bud, I think 100K will be tough to crack, at least on the first attempt!
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It's good to have you back, boss.
Bringing some quality to the analysis side of the community again!
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Cheers bud, like riding a bike!
It's kind of nice just posting for the love of it rn when the rewards aren't too huge.
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A good projection I have is that the whole first quarter of 2021 will remain in a price range between 35 and $45K and will continue to rise as the months go by but in these months it will stagnate in a range between those two prices.
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Interesting, will have to see how that plays out!
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This didn't age well
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Shrug
"To reiterate, I have no idea what will happen from here and anyone who pretends they do know what will happen is either inexperienced, full of shit, or both."
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And in less than 24 hours you are once again looking like a genius. The reality is the dollar is not faring well. BTC is a hot ticket and FOMO is all over it.
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I really think the btc will reach the historical 100k, I'm not sure if this same year ... I no longer see it so difficult after the abysmal fall in 2018
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