Bitcoin - The next bull run
Bitcoin bottom found
During the first half of 2018, bitcoin has been trying to find the bottom, and after many attempts to break 6k, the sellers have been depleted and the buyers are holding 6k as the bottom for bitcoin. There has been 3 major attempts to break the 6k level, and while the price has gone below couple of time, it was also immediately recovered. If bitcoin was going to break the level more permanently, it would have done so already. The correction pattern is clear at this point, and we’re at the end of the tip of the downward wedge marking the end of the correction phase. A nice breakout of the triangle and a retest can be seen below.
Where does bitcoin go from here? It actually gets pretty exciting… We are poised to hit north of 500k at the latest by 2022, but given the past performance, we’ll see those price as early as 2020.
Repeating the 2012 rising wedge pattern
Bitcoin is currently repeating the longer term bullish pattern made back in 2012. As can be seen below, the MACD crossover occurs, stabilizes, then crosses above to make the next leap.
We are seeing the same pattern occurring for the past 4 years. As we are making the same identical general pattern in price and MACD, 2018 marks the era of when big money will start flowing into the new asset class of cryptocurrencies. During the second half of the year, we’ll see a retest of 20k, then beginning of next year we’ll see another leap towards new highs reaching for that million $ mark and beyond.
Shorts
The short sellers are having a field day. If that is not an indicator of a coming short squeeze, I don’t know what is.
Why is bitcoin worth so much?
Bitcoin, like any other asset, is only worth what people are willing to value it at. However, bitcoin is in the middle of the perfect storm. It was at the right place at the right time. It has the opportunity to be the instrument that will topple everything upside down.
- The $ has lost 99% of it’s value.
- The $ as the world currency, the Fed keeps “printing” it, thus robbing the American people as well as the rest of the world.
- Gold as a store of value has not evolved to fit into the world we are heading into.
- Decentralized and distributed systems are the way of the future.
- Current financial system died 10 years ago, and it is on life support. It has been ravaged and taken advantaged of to nothing. Transition has to happen soon or later.
- When it happens, it will be the greatest wealth transfer the world has ever seen in mankind’s known history.
- Many are already positioned to benefit, and will facilitate and speed up the trigger event for the transition. Old money will have the biggest to lose, and we’ll see major power shifts.
- There is a lot of money to be made.
- Space bearing civilization requires fast money.
- It’s financial revolution on the surface, but really it’s financial evolution. We all know it needs to happen.
*Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. It’s only meant for use as informative or entertainment purposes.