We certainly are in some unknown territory, and this chart will soon need to be updated with new fibs etc. I'm not going to go into a lot of right now, but I do ask that if you want to get a sense of how accurate I am, just look at my other predictions.
In December of 2016, BTC was at about $800. If we close above $8000 this year, that will be a 10x growth. If we close between $8000 and $10,000 THIS YEAR, we have a chance at $40,000 by the end of 2018.
Most people I know were calling for a top price of about $3000 by the end of this year, and that was a real long shot. Stats were showing a doubling of price as an average about every 12 months, so $3000 was truly an outside call as $1600 would have been the norm. Now the price of BTC is doubling about every 7.4 months (averaged over its lifetime.) Certainly no one expected $7500 at the end of this year, unless you were a little crazy.
BUT if the price gets to $8000 by year end, $40,000 is only 5x what it is now and if we get to $10,000, then at a doubling every 7.4 months, $40,000 is a mere 14.8 months away and 5x is only half of what it did this year....what if we do 10x again?.....see where I am headed with this?
The fundamentals have also changed significantly. No longer is BTC just for the early enthusiasts, and no longer for just individual traders. With the Chicago Mercantile Exchange's announcement that they are going to allow trading in BTC AND the very strong possibility of an Electronic Traded Fund in BTC happening in 2018, this can only mean that the second phase, INSTITUTIONAL INVOLVEMENT OF WALL STREET is now in it's first stages. The third phase will be mass adoption by Joe Blow on the street.
I think we will steadily move up from here. I am cautious at the top fib of this chart around $8500, but am clear we will go past it to $10,000. This will be tested and many expect a drop at this price point. I, however, see a major pullback at $15,000 (Which I will post about in another chart soon) and then a drop, shaking out the weak hands which will then propel us towards $40,000. $15,000 will take a lot of people by surprise.
I am HODLING for now, but if I see an opportunity to sell before the 5 waves down as the nubies get cold feet and dump, so I can buy at a lower price and get more BTC , I'll be on it. Then I'll just buy back in and get ready for the ride.
But for the moment, I am content to have a very HAPPY Holiday Season.