The goal of this analysis is to keep an open mind about Bitcoin on what could possibly happen in the coming months. Bitcoin appears to have broken out of a bull pennant to the upside. If Bitcoin is able to clear the 30w moving average, I think it's possible we could see $19k lead by the fomo for the halvening which is to take place on May 12, 2020.
Litecoin experienced a similar halvening on August 5th, 2019 and pumped all the way to it's peak of $145 on June 19th, 2019. This peak was 44 days before the actual date of the havlening which was on August 5th, 2019. From it's peak to trough, LTC dropped 75% from $145 to $35.
If the same happens for Bitcoin, I think we could see Bitcoin reach it's peak 44 days (March 29th, 2020) before the actual date of the halvening (May 12, 2020). The projection for the top is based off the length of the pole of the bull pennant, which would put a target somewhere around $19,000 by March 29th, 2020. After that, I would expect a rather steep drop. LTC dropped 75% from it's peak, I think we could keep an open mind that Bitcoin could do the same.
Please see my related idea below for my original prediction of the breakout and also my other related idea where I caught the bottom of Bitcoin.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
