Bitcoin to peak in Nov/Dec if it follows past trends

in #bitcoin15 days ago

It's easy to think things are over, but they may not be

Bitcoin isn't dead yet.

If still hasn't broken down and things are still on track for a huge surge later this year.

If it continues to track along with what it has always done, we are looking at bitcoin peaking in Nov/Dec of this year:

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(Source: https://twitter.com/hulkdickcandle/status/1403054449812180996/photo/1)

And the peak price would be something around $200k-$350k.

The top of that channel points to $350k, but that seems undoable at this point to me...

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Something to remember is that BTC is being valued against USD which is currently devaluing because of inflation. It could get a lot giving the false impression that BTC is shooting upward when it's really USD is crashing.

It makes me glad I invested in crypto. Many might see it as a risk, but it could be just the protection I need against inflation.

Yes, in the longer term bitcoin preserves purchasing power. Though it can be quite volatile along the way.

IMHO, volatility is a problem if you're a frequent trader. If you're an investor, the value always goes up, so the answer is basically never selling. I probably preach this way too much, but that's the greatest lesson I have learned from crypto is to never sell. Not even when it looks like a dip is coming. Buy the dip. Never sell.

Also, if you're using it as a currency, I don't know that volatility is that important.

The less people that own and mine it the easier it is to mine it and jack up the price

Yea I don't think some in the media understand how difficulty in mining adjusts relative to hash power being put in to mine the coin...

Not sure why you think it seems undoable at this point.

In 2013 from July 6th to December 4th BTC went from $63 to $1175 which is 1765%. In 2017 from July 16th to December 17th BTC went up 989%. From today at $36800 to $350000 is only 851% and we have an extra month to hit that 851%. Although the top will most likely be $335000 on December 30th :)

Law of large numbers gets in the way at these levels. While it "only" took a couple hundred million to move the price from $63 to $1175 in 2013, it will literally take hundreds of billions if not trillions of dollars coming in to move the price from $36k to $350k. It's not impossible, but I just don't see that amount of money coming in within such a short period of time.

There are alot of things happening that could make it happen, more companies buying, countries buying, ETF coming , banks to offer it, going to be offered for 401k's, supply keeps going down and massive inflation coming. I think it will peak on December 30th at $335000 and then fall back to the $50000-$55000 range.

Gold went up 800% after the introduction of ETF's.
On May 27th there were only 2.3 million bitcoin left on exchanges, as this number gets smaller the price will have no choice but to go up, law of large numbers or not. Supply and Demand, if there is no one willing to sell and the supply shrinks people will have to pay up to get their BTC.