Bitcoin (BTC) Evening Update: A Case for $147,112 BTC Price in 2018
SUMMARY
Many are saying that the current correction is reflective of the 2014 bear market (blue box). There is uncanny similarity in pattern and price between the blue box price movements and the current correction (white box). IF the fractal correlation stands, the white arrow projects a similar, long and drawn out bear market. However, I don't believe the conditions of sentiment are similar. More importantly, the liquidity and network effects are now dramatically more mature than in 2014.
I believe the fractal could be more related to before 2014. The below chart shows the blue box to occur prior to the 2014 bear market. That correction has uncanny similarity to the current correction. The blue box shows price rose 2,539% following the correction!!! Consider this for a moment. The white box shows the current correction and fractal similarity to the blue box. IF price goes near vertical like it did prior to 2014 and rises 2,539%; that would bring bitcoin to $147,112. AND, this could potentially ALL happen within 2018 or slightly leak into 2019. When, not if, when BTC is $147,112; what price do you think STEEM and SBD will be at? As the old Wall Street adage goes....be long term greedy; but don't forget to gratefully and humbly take your profits!
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Bitcoin pissed me off so now I'm shorting it! awe
Oh, this seems like a truly terrible idea in hindsight :P
No wrong in shorting :)
@haejin Could you make an update on ADA? Here's my analysis. Looking at a price jump soon perhaps.
https://steemit.com/cryptocurrency/@benkalashnikov/cardano-ada-analysis-bottom-has-hit
Where is @Haejin's office located at? I would like to come sign up for a one on one personal coaching session? I need his name & location where his business is located at. Please someone tell me where I can find this information at.
Would be more than funny .. lol
I'm looking forward to such a rise!
I cried...happy tears...I don't doubt this call at all...I think long term, I'm going to be greedy...
I can't agree more!
I posted a similar valuation in January I think, and probably lost a couple of followers in disbelief because of what may seem beyond possible to some, but I am still certain we will see price far, far above $100k within a year.
I just HAD to upvote this.
Because your're a moron?
That's an interesting theory. It COULD happen. However, I'm going to say the outlook is less optimistic for the following reasons:
TAXES & Regulation. The governments and big banks will, no doubt, be taking their overly large share of other people's success - as they have always done. Do you think they are going to let everyone in cryptos become millionaires without some serious resistance?
This year, 2018, is not like 2017. We might get a good, big upward spike this year - but this time it could also take longer to develop the needed momentum. That's because many of the ALT-coins are probably going to turn up as scams and failures - such as BitConnect. Ok, probably not that obviously bad, but many smaller and similar scandals and choke-artists will take their toll on cryptos in the future.
The overall situation with the U.S. Dollar is now worse than it was before. The "money reset" is closer. The "Petro-Yuan" is now in play. It will begin to take its' toll on the U.S. dollar, and it will increasingly disrupt world markets as time plays out. The U.S. Dollar is dead - but most people are just beginning to get used to that idea. There could easily be wars fought over this situation in the next few months or years. Geopolitics will include Black Swan events going forward. By definition, we do not know how or when they will happen, but it's safe to say that humans generally screw things up - especially when it comes to power struggles over the control of money.
Charts are pretty and all, but sometimes they just may not matter in the bigger scheme of things. Right now, we do live in interesting times. Anything could happen.
May God rain abundance to us all 🙏🏽
I agree. The bear market of 2014 was because so many people really thought crypto was dead for good following the Gox incident. Many people thought their funds would never be safe and the biggest exchange in a very limited market was done for. Now the only reason people don’t believe in btc is because the price has dropped from its high and that’s about it. The fundamentals are still the same and a trustee from MT gox holding a billion in btc won’t have a drastic effect on the market. It’s not a question of if but a question of when, when determining the next btc breakout.
Looks very logical to me...even if BTC dips to $4000 it would still fit within this narrative and to me, if you channel this you can see the most proportionate and symmetrical pathway would bring BTC more in line to the top of the channel...thanks for the great post haejin
Where is @Haejin's office located at? I would like to come sign up for a one on one personal coaching session? I need his name & location where his business is located at. Please someone tell me where I can find this information at.