Good day Hiveians!
Join me in analyzing the crypto markets!
So far our technical analysis has worked out pretty good. But yesterday I saw another pattern which is definitely on the bullish side with a near term price target of 35k for bitcoin. That sounds pretty high, but I would argue that it fits past patterns very well. Let's have a look:
In this chart you can see two channels (orange) of which I have previously called the bottom trend line the "orange line". I have argued that we would see a correction once we were going to reach the 20k area just like the last time when we reached the previous all time high. And we actually did have a smaller correction of about 15%. However, drawing a channel like this shows that there is still a lot of room to the upside.
In this chart you can see a wave pattern caught in between these channels. Extrapolating the observed pattern from back in 2016 we can see that the drawn future wave movement is much bigger and prolonged (which is something to be expected in this cycle). As you can see, this would mean that a correction to the 13-15k levels (as previous argued) would not occur. Instead, price would go to about 35k (resistance from upper trend line) in the next few months (!). However, a price correction back to about 20-25k would inevitably occur afterwards.
So which scenario is more likely? This one or the previously mentioned? I am actually tending towards the bullish one as there are other arguments for it. For example, the chart analysis of other coins such as Ethereum which I am expecting to hit almost a 1000$ very soon.
What do you think?
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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