Just like with my S&P 500 post from earlier today, this is a large analysis that goes back to the charted beginning of bitcoin. I take it a step further starting from when Bitcoin had zero value. Lets pretend that starts in January of 2009.
(Short term, as of 2/28 at 4PM EASTERN, I am very bullish with the price action down here in the mid to low 40's)
According to this, there's an upside target of almost $200,000 for bitcoin before we top out "for good". Or at least we start a multi decade bear market. I am not sure what the Stock to Flow model could do to this analysis as I'm trying to predict something that will come several years from now.
Do I think we'll see prices below $1000 again, I doubt it. Will be see a 5 figure Bitcoin again? I bet we will in the next 10 years. For now, I'm still eyeing a target around $62-68k before a major pullback and then fueling for that move up to $190k. I think once bitcoin gets there, then you'll have the same retail people that gave up on crypto in 2018 coming back for another beating.
What I don't like about this chart analysis (being honest):
1. There really is no starting point on it. There's terrible "price" action in 2010 and 2011, making it difficult to count
2. We've got 3 parabolas and we're in the 3rd one now. I expect each parabola to get less and less exponential.
3. Log scale on an asset that has gone up basically unlimited percent (going from 0 value or 0.01 value) to $58000 is difficult to pick a top.
Either way, I'm still super bullish and it's hard not to be when the chart looks like this.
If you know, you know. :)
(Short term, as of 2/28 at 4PM EASTERN, I am very bullish with the price action down here in the mid to low 40's)
According to this, there's an upside target of almost $200,000 for bitcoin before we top out "for good". Or at least we start a multi decade bear market. I am not sure what the Stock to Flow model could do to this analysis as I'm trying to predict something that will come several years from now.
Do I think we'll see prices below $1000 again, I doubt it. Will be see a 5 figure Bitcoin again? I bet we will in the next 10 years. For now, I'm still eyeing a target around $62-68k before a major pullback and then fueling for that move up to $190k. I think once bitcoin gets there, then you'll have the same retail people that gave up on crypto in 2018 coming back for another beating.
What I don't like about this chart analysis (being honest):
1. There really is no starting point on it. There's terrible "price" action in 2010 and 2011, making it difficult to count
2. We've got 3 parabolas and we're in the 3rd one now. I expect each parabola to get less and less exponential.
3. Log scale on an asset that has gone up basically unlimited percent (going from 0 value or 0.01 value) to $58000 is difficult to pick a top.
Either way, I'm still super bullish and it's hard not to be when the chart looks like this.
If you know, you know. :)