Look at the excellent run Bitcoin has had over the years. Now analyzing the cycle Lowe's which are my dotted lines keep getting closer and closer every few years. Now notice the redline double top. Now analyze how close together the all-time high is versus the low line below it. Momentum has closed in at a specific Target price which verifies a bearish market for the next 12 months or so estimated. My forecast does not look good and we will see previous lows that we have not observed in years. Depending on the large-scale of Bitcoin holders we could see those old wallets that have been dormant for years start selling off to save their Azz. It is a very scary time to be buying cryptocurrency. Regardless of the benefits and support cryptocurrency has gained over the past couple of years I do see some unsettling price action coming up. There's no telling where the price will actually go but I have placed a bet on anywhere between $8,000 being the worst I mean the very worst case scenario and 20,000 being the best case scenario. Of course this analysis will change depending future events but it's better to be safe and on guard for anything. Well this is my theory and I'm sticking to it playing it safe after making so much money in cryptocurrency. Be careful traders
Note
looks like this chart is showing some accurate detail.very strong support between 3k and 4k
and my prediction for bitcoin is 8k so just wait and see what happens.
Markets look terrible even tho the prices are tempting you have
to hold your ground and be realistic with trading choices.
All the investors, exchanges, hackers, crooked manipulators are getting liquidated. Being charged and sent to prison. All that power comes with
responsibility and the fallout is on everyone. Super cycle bear market is
in the forcast so anything can happen. be mindful
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.