So let's take a look at some BTC price targets, according to the longterm trend.
If we continue this rally straight on without correction, the moving resistance would be at around 100k. If we correct, and follow a path like in 2017, the target will be higher, around 120k. If we do a 2013 style repeat, we'd see the top in Dec 2021 at around 140k.
Of course, we could also overshoot the resistance, there is no law that says that this is a magical barrier. In that case, the target would more likely be around 300k. We shall see how BTC reacts at this major curved resistance line.
The weekly Stoch RSI and RSI are both brutally overbought, so a larger correction is only a few weeks away maximum. But of course, in that time it could shoot up to 100k, that would be possible. So we'll have to wait and see now how BTC behaves.
@asefe, Sounds about right, yes. Something like that :) Maybe 60k -> 30k -> 140k even. In any case, it will be epic.
BearFuck
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@FlaviusTodorius67, 140k EOY 2021
zukini220
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This is awesome. Curious to hear what you think will happen now, since it hasn't exactly followed any of these models yet. You think it'll get to that 140k number?
LRDGGG
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Hello, thank you for the work you provide us which is just incredible with your analyses that go along with it. But how do you plot sqrt curves on tradingview I wish I could plot them too but I can't find the indicator, can you help me with that? thx
SebastianofMoon
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@lrdgediting, Hi, i use a script. Don't remember from where I have it, but I can send it to you if you like.
davidalittle
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I think it's an excellent analysis but can't help but think how many things have changed from a macro level. Consider this, the entire 10 year history of BTC has had a relatively stable dollar and money supply (M1) trend. What happens to Bitcoin when those two things dramatically change? Also, we've seen a massive acceleration to digitization in all industries due to COVID. I believe there's a good possibility we see a super cycle and break the upper trendline.
Would love to hear some other opinions on this.
SebastianofMoon
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@davidalittle, Hi, yes, I completely agree. It is actually increasingly likely that we break through the upper trendline. We could hit it in the next weeks, correct, and then a second big bullrun by years end. Kind of like in 2013. Target in that case would be 320k.
mvogel13
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@FlaviusTodorius67, Hi, do you mind updating the chart a little bit so that the 3 trend lines are easier to follow? Sorry to ask but greatly appreciate if you can. Great analysis.