The chart speaks for itself. The extrapoled price comes from the "2018 miner capitulation" that caused the price to drop 50%. Will we go back to $3,800? Unlikely, but clearly this is possible if the capitulation is as aggressive as 2018. Notably the VPVR is supporting the price target of $3,800, as is the extrapolation, with forecasted price for the block halving...
It would be interesting considering Bitcoin broke down from a massive descending triangle recently. Maybe this is one giant bull flag, but I don't see why Hut 8 would rip to the upside & break resistance if the underlying asset is declining in price. Hut 8 has held up relatively well compared to other publicly traded Bitcoin & cryptocurrency miners. Even compared...
A quick analysis of what can happen with BTC. I saw a symmetrical triangle in the daily chart of BTC. Which will probably break out upwards due to the strong support around 9500. I think the price of btc will go sideways until the launch of Bakkt. When Bakkt launches without any obstacles there will be more demand for digital currenties, which will eventually...