Hi friends! Welcome to poop's long term forecast on Bitcoin .
Poop thinks you should start buying bitcoin at this price level and here are the reasons why.
Just recently, I published at tradingview a long term bitcoin projection using both logarithmic scale chart and linear or arithmetic scale highlighting Poop's version of what bitcoin sentiment will look like for the next 3 years. This time I will sharing it to you here on steemit.
Everything about bitcoin in the weekly time frame is bullish . This technical analysis is based on a long time frame logarithmic and arithmetic chart.
A bullish divergence signal started to reveal itself when bitcoin reached 2018 low at 3200. I believe this is a strong signal , which could propel bitcoin to retest its all time high in the next couple of years.
Basing on the logarithmic chart, bitcoin is also showing signs of repeating its behavior within the channel during the last quarter of 2014 towards January 2015, The point in bitcoins history where the 2017 bitcoin parabolic curve started.
My "God Poop" indicator showed a strong buy signal in December 2018, weekly chart. In logarithmic chart this has happened 4 times already. The first instance was September 29 2014 on a bear market, this was the last dead-cat bounce in the 2014 bear market, a prelude to the bottoming formation. The second instance was on Jan 12, 2015. This was the exact bottom prior to the 3 year bull market. This bottom was retested 7 months later on August 10, 2015 which resulted to the double bottom formation which ended the multi year bear market for bitcoin . The third instance this happened was in June 2018, this is a dead cat bounce. The last one was in December 2018 as shown in the chart.
For the linear chart, the fist instance this buy signal happened on the weekly was in June 2018, which resulted to a 3k dollar move in few days (a dead-cat bounce). The 2nd signal of this kind was in December 2018.
In conclusion, we see 6K as a significant resistance line, it will likely act as a strong resistance for the next 9 to 10 months. We will likely see bitcoin around 10K to 12K range by the end of the year. The all time high would probably retested by 2020 and we will likely see a new all time high by December 2020 to 1st Quarter of 2021. This move could challenge the 300k mark. This analysis is backed by a strong bullish divergence both on the logarithmic and linear scale chart. I'm not saying Bitcoin will no longer see a sub 3K price, it still remains a possibility but whether or not we go in that direction, it would not matter much because we know we can go 6K easy even from that price level.
That's it my friends, I looking forward for your comments on this analysis.
This is just a guide, not a trading advise.
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