Is $100,000 possible for Bitcoin before the next Halving?
Although the Fibonacci Channel says it is, since the price is currently on the support, Bitcoin's historic price action shows that the parabolic curve will continue to dictate the direction, until it breaks (either way) or becomes asymptotic. We can't yet confirm those scenarios.
What we can confirm is the behavior before each Halving. Halvings tend to initiate new bull markets on BTC with parabolic growth. Before those the price accumulates and distributes, the phase we most likely are in today.
What we can also evaluate is the decelerating rate on both the Highs and Lows. So I assume that the next High will again have a lower growth rate than the previous one (thus extending the curved pattern), which makes me believe that $100,000 is not possible for Bitcoin before the next (3rd) Halving. It can be achieved though by late 2021.
Let me know what you think in the comment section!
See another similar study based on the RSI:
The argument based on the Fibonacci Channel:
What we can confirm is the behavior before each Halving. Halvings tend to initiate new bull markets on BTC with parabolic growth. Before those the price accumulates and distributes, the phase we most likely are in today.
What we can also evaluate is the decelerating rate on both the Highs and Lows. So I assume that the next High will again have a lower growth rate than the previous one (thus extending the curved pattern), which makes me believe that $100,000 is not possible for Bitcoin before the next (3rd) Halving. It can be achieved though by late 2021.
Let me know what you think in the comment section!
See another similar study based on the RSI:
The argument based on the Fibonacci Channel:
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