Bitcoin's target price - Could Clif High be right ?
It has been reported by Bix Weir that Clif High, in his report last year, had predicted a target price of Bitcoin of 13,888 by early March 2018.
My chart analysis shows that BTC's price is forming an inverse Head & Shoulder pattern (as shown by red curves in the chart above) and if it can move above the neckline (around 12,000), it could very well reach 13,888 by early March. In fact, if the inverse H&S pattern is completed, it could even reach 17,500 (as shown in the chart) but later in the year. The timescale is difficult to predict but the key level to watch is the neckline for these target levels to be achieved. In my experience, the H&S pattern is usually a very reliable pattern and is well worth identifying and monitoring.
DISCLAIMER: I'm not a financial adviser, nor a professional trader and nothing I say here is meant to be a recommendation to buy or sell any financial instrument. It is purely for educational purposes. Please don't invest money you can't afford to lose. Always do your own due diligence before trading or investing.
Actually, Clif made that first prediction, that it would reach $13,000, in the early fall (September or October, I believe), back when the price was about $5,000.
Since the price rose above $19,000 in December, we can say that his prediction was accurate, and we can note that his target of $13K was reached, and even surpassed, earlier than he had stated.
The current retracement might mean that the price does not reach $13K before the end of March. But I would not say that that proves him wrong.
Clif made a subsequent prediction that the price would soon reach $64,000. I'd say that that appears unlikely, but just remember .... Last September, a price of $19,000 by mid-December seemed almost impossible.
Watching and waiting ... and hoping he's right again.
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