BitcoinUpdated Bitcoin and the SQuare RooT (SQRT) Function: what follows
Everything is on the graph : it's too early to go on a parabola.
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For those who are on a smartphone, it isn't very practical to see the price and date zones, so:- This analysis was constructed and posted above 70k
- My bearish target is slightly below 40k around July 1, 2024
Note
On July 1st, we had to settle for $ 73k -> 53k.After a “dead cat bounce”, this August 5 we are back to 53k.
My final bearish target “slightly under 40k” is now expected in September.
Note
2021 did not give us a “second shoulder” in inverted H & S : we are in the presence of the usual Cup & Handle in line with previous Bitcoin cycles.
The bullish signal is all the stronger and more legitimate.
Because the Handle did not take the shape of a little cup with large amplitude, but only a slightly descending accumulation channel, with a bottom not of 39k as I estimated, but only sub-55k (a wick at 49k at the lowest).
This allows us to validate a medium-term bullish target at $124,000, in line with my Weekly timing modeled on previous cycles. Pay attention of course to daily speculation corrections.
It's very clean, reminding us of the extent to which Bitcoin is a very distinct asset in the world of trading thanks to its evolution planned from the start according to a Square Root type function: beyond any speculation, its use as a store of value is solid and predictable. Which can only reassure investors, particularly institutional investors.
The only other asset that has the same characteristics and that I was therefore able to clearly predict in the same way is obviously gold:
Bitcoin a store of value like digital gold of the 21st century? Certainly.
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