New $5k Floor; Stability Ahead? EOY Target: $12k
This was really....weird? Difficult? Unorthodox? Just...different, to try and chart and find points that made any kind of rational sense. Overall, there are some long term trend lines that can be formed that don't sound outrageous and look stable and realistic for an "early mass adoption" phase of crypto. Depending on where you want to believe the real inception for the cyrpto market started, one is slightly higher, but both have established a floor with not too wide a gap/range that seems like it would be where a crash would bring BTC down to. At this point in time, after avoiding the CONE OF DEATH that would have been a hard and sudden bubble crash (not to say there won't be anymore drops in the future as things smooth out), I don't think BTC would drop below $5000. Anything close to that price level would be a BUY if I was someone looking to start a position in this crazy new game.
Anyone thinking Bitcoin will rocket back up to 20k+ again this year is delusional. I'm sorry, that's not happening without another period of mania, manipulation or some kind of absurd catalyst that, even if all three of these things happened, would be slapped down because of regulation. The golden age is gone guys. All the quick, unregulated money was made last year. Look at that peak. LOOK AT IT. I remember that week in December. It felt like someone was pushing down the accelerator as much as they could before anyone got suspicious and then when it was getting close, POP.
If BTC stabilizes in these next few weeks and doesn't break down in the next test area (Death Cross ahoy!) I've outline, it could continue on higher in the channel I've laid out. Otherwise, it will just cycle endlessly until some crazy volume or new story breaks that will make retail dive back in full swing like last year. With midterms coming up this year, any real news will be swallowed up starting in August/September, so good luck. Money can be made in cycles, but it's boring and you have to time it. And really, for all crypto is supposed to be, being trapped without growing or showing some kind of new momentum/drive in 2018 would not be a good story. Good luck to all!
Anyone thinking Bitcoin will rocket back up to 20k+ again this year is delusional. I'm sorry, that's not happening without another period of mania, manipulation or some kind of absurd catalyst that, even if all three of these things happened, would be slapped down because of regulation. The golden age is gone guys. All the quick, unregulated money was made last year. Look at that peak. LOOK AT IT. I remember that week in December. It felt like someone was pushing down the accelerator as much as they could before anyone got suspicious and then when it was getting close, POP.
If BTC stabilizes in these next few weeks and doesn't break down in the next test area (Death Cross ahoy!) I've outline, it could continue on higher in the channel I've laid out. Otherwise, it will just cycle endlessly until some crazy volume or new story breaks that will make retail dive back in full swing like last year. With midterms coming up this year, any real news will be swallowed up starting in August/September, so good luck. Money can be made in cycles, but it's boring and you have to time it. And really, for all crypto is supposed to be, being trapped without growing or showing some kind of new momentum/drive in 2018 would not be a good story. Good luck to all!
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