chepicap.com
The short term prognosis for Bitcoin isn't looking great, as consensus indicates a potential correction inbound. However, according to one analyst, there’s a macro indicator that no one has noticed yet, and it suggests that Bitcoin is going to $100,000...
The analyst known as TradingShot published his theory just yesterday before the sell-off from Bitcoin; The analysis, entitled “BTC shifts bands to $100,000 and no one is noticing the pattern!” aims to breathe life into the worn-out bulls, and augurs a price point of $100k by 2020.
The analyst starts off by relaying that BTC is making its way to the 0.382 Fibonacci retracement test – retracement from the all-time high to the low of $3150 - adding that it was surprising how quickly Bitcoin manage to reach these levels compared to the 2 previous cycles:
“Few expected such a strong and continuous rebound since the 3150 bottom,” the analyst said, posing the question, “why are we seeing such a strong rise and such a short test of the 0.382 Fibonacci?”
Answering the question, the analyst points to the possibility of a band shift, stating that the rebound from the bear cycle low of $3150 to $9100 may be indicative of a such a shift; suggesting that rather than becoming longer, cycles take turns, flitting between short and long cycles and providing a short term catalyst:
“the very aggressive bull cycle of 2012 - 2013 may be repeated. This suggests that the $100,000 land mark may come as early as 2020.”
What do you think? Is 2020 a reasonable timeframe for bitcoin to reach $100k? Let us know in the comments below!