BTC - What comes next?
Bitcoin has been in consolidation mode, what happens from here?
After running up from a little over $3k all the way to just under $14k, bitcoin has been in consolidation mode for the past few months.
It has been holding steady right around the $10k mark.
Where do we go from here?
The way I see it, we either start to move up as soon as the next week or two, and break that $14k number in the next couple months on our way to all time highs before the end of the year...
Or, we have a dip first...
A dip that looks something like this:
(Source: https://twitter.com/CryptoMichNL/status/1165234162820898817)
A dip like this would take prices back down to the $8k or $8.5k area.
However, as you will notice, then I still think we eventually go on to make new highs before the next halving in May of 2020.
So, either way, I think bitcoin is going to make new highs before the next halving.
Which one do I think is more likely?
Looking at what happened during the run up in 2017, I actually think we are more likely to just start going up from here without that dip to the $8k's first.
We have had had 9 weekly candles since the peak during this most recent bull run, which is exactly how many we had during the first pullback at the start of the 2017 bull run before prices did their second leg up.
I think we see that play out again here.
This is just my opinion and not financial advice.
Stay informed my friends.
-Doc
i also think we will not go anywhere near 8k and will be very close to a new high by the end of the year if not even surpassing the high
hope all is well JR and take care bud
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Thanks.
I like BTC at 10k ... seems nice :)
I'd like it a lot better at $100k. :)
This reminds me of the $6k level from last year although we seem to be dancing on both side of $10k!
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Ha, hopefully it's not like that... that level didn't end well for the bulls...
It didn’t but this time I think sentiment can go the other way!
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That sure would be nice. Hopefully it takes steem with it as well!
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STOPThanks.
We are still far of the objective on the chart but let's stay positive
Of all the likely scenarios, any of them would be good for long term hodlers.
I think so.
So i should convert my all steem into btc ? :D
Ha, I wish I knew. Steem may go on a little run of its own here soon. Remember, bitcoin going to $20k is only a double from current prices... If steem just went to $.72 (for example), that is 4x.
We all know BTC will go a lot higher than $20k and Steem will go up to at least $3, but can go as high as $7.
Can I quote you on this?
I would take $3 right now all day any day. :)
I've said before that exchanges like to manipulate value of currencies like Steem because the total amount of coins traded in exchange is more than the exchange has in the wallet used for withdrawals. I think Bittrex is the only exchange that has more Steem in the withdraw wallet than traded on the exchange.
When Steem is close to go moon, exchanges disable wallets so people can't transfer more coins to the exchange and that will cause avalanche effect, especially if the exchange has both Steem and Steem Dollar.
If they (the exchange) are also just wash trading, buying and selling between their own accounts, wouldn't that show up the same way?
And I have seen that with a few exchanges from time to time, but that is hardly the norm with all exchanges. The good news (for us anyways) is that if one exchange with heavy volume starts doing this, it can pull up the prices at the other more legitimate exchanges as well.
Basically I took the total number of Steem in trade orders and compared the amount to balance of the wallet address I got when I did test withdrawal from that specific exchange. It obviously only works with currencies where both sender address and account balance are public information. Some exchanges have multiple wallets, so they can move coins between them if a mass withdrawal happens and they can't shutdown withdrawals for any reason.
Interesting. That is good data to have.