BITCOIN to $13500 by July? This pattern shows it is possible!
Before claiming that it is pointless comparing Bitcoin to Gold take look at the charts below:
On the first chart, the $9000 mark has been hit purely based on a signal given by the similarities of Bitcoin's price action after its bottom to Gold's respective pattern and the buy signal it gave after the +33.50% bounce. See how smoothly Bitcoin's price action followed the projected pattern. On the second chart, see how weel the Golden Cross signaled the rise from $5500 to $8500.
So coming to today. BTC is close to reaching its 0.382 Fibonacci retracement level from its All Time High (ATH). When Gold approached the 0.382 level, it consolidated, and then skyrocketed to the 0.618 Fibonacci in 490 days. That's +0.26% on the 1862 days it took from the bottom to just below 0.382. If we apply the same rate on Bitcoin's 161 day's (bottom to just below 0.382), the projection puts $13500 in 42 days!
Again I need to point out the obvious (for the record) on the different time frames as I have done on every BTC - Gold comparison to avoid comments that fail to see the fundamental point (viewing Bitcoin as a long term investment) behind such comparisons:
"The different time frames (BTC on 1D/ Gold on 1W) shouldn't affect the conclusions derived as Bitcoin's life span is far shorter than Gold which has been used as a store of value for centuries. Moreover Bitcoin has been moving at a much faster pace since its invention, so the market psychology, dynamics etc have adapted to a much shorter time frame."
How accurate do you think such a comparison can be?
I welcome all opinions in the comments section! Like and subscribe if you enjoy the content!
On the first chart, the $9000 mark has been hit purely based on a signal given by the similarities of Bitcoin's price action after its bottom to Gold's respective pattern and the buy signal it gave after the +33.50% bounce. See how smoothly Bitcoin's price action followed the projected pattern. On the second chart, see how weel the Golden Cross signaled the rise from $5500 to $8500.
So coming to today. BTC is close to reaching its 0.382 Fibonacci retracement level from its All Time High (ATH). When Gold approached the 0.382 level, it consolidated, and then skyrocketed to the 0.618 Fibonacci in 490 days. That's +0.26% on the 1862 days it took from the bottom to just below 0.382. If we apply the same rate on Bitcoin's 161 day's (bottom to just below 0.382), the projection puts $13500 in 42 days!
Again I need to point out the obvious (for the record) on the different time frames as I have done on every BTC - Gold comparison to avoid comments that fail to see the fundamental point (viewing Bitcoin as a long term investment) behind such comparisons:
"The different time frames (BTC on 1D/ Gold on 1W) shouldn't affect the conclusions derived as Bitcoin's life span is far shorter than Gold which has been used as a store of value for centuries. Moreover Bitcoin has been moving at a much faster pace since its invention, so the market psychology, dynamics etc have adapted to a much shorter time frame."
How accurate do you think such a comparison can be?
I welcome all opinions in the comments section! Like and subscribe if you enjoy the content!
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💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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