Let's play with drawing tools , so we can come up with pessimistic and optimistic views on Bitcoin (BTC). As reported many times, monkeys can pick stocks better than so - called experts. If that is the case, drawing lines on charts could be as good as stock picking apes.
First, let's take a look at a very pessimistic view on Bitcoin. Let me rephrase. This is what bears are hoping to see.
Above is a weekly chart of Bitcoin. Sellers are praying for an AB = CD pattern. If this scenario materializes, Bitcoin price will collapse to near $2000. Is it a ridiculous opinion? I don't think so. I hear some analysts say Bitcoin is the ultimate scam.
Now, let's look at an optimistic view on Bitcoin. To be fair, I will use the same weekly chart of Bitcoin.
It appears Bitcoin is shaping a very bullish AB = CD pattern. If this view is correct, we will see Bitcoin price will go up to near $22,600. Am I crazy to dream such a high number. I don't think so. In fact, some people are predicting $100,000 as a target price of Bitcoin. Compare to that, $22,600 is too conservative.
People are entitled to their own opinions. I'm entitled to my own opinions. What is my point? You should play with drawing tools more often. You can come up with as competitive opinions as so - called experts.
