Bitcoin on the way to flying....

in #bitcoin7 years ago

Typically there are several periods of consolidation or 'bases' which are established with increasing range between each of the moves.
The final phase is a usually the most violent in its upside before a strong correction which breaks several of the previous levels of support.

I think its fair to say Bitcoin 10.92% is within such a move and most likely coming to the end.

Im calling top at a maxout of this move being $20k but could end sooner.
A collapse could see bitcoin 10.92% return to somewhere between $2 and $3k- i would lean towards $3k

Im certainly not bearish quite yet, but we saw some serious volatility at $10k - imagine what it will be like at $20k.
A lot of people will have made a lot of money and profits will be taken:

Screen Shot 2017-12-11 at 8.16.27 AM.png

Just to put this in to perspective, lets say you bought 100 BTC 10.92% at the start of the year for $100k. By $20k/BTC this will be $2m in holdings. This is enough for any average man to retire upon. Watch how quickly the libertarian hodl attitude melts away when they are literally kissing goodbye to their lottery ticket. The panic will be significant and is probably underestimated due to the euphoric feeling we all have today.

My advice would be not to short this beast. There is plenty of potential to nearly double in price. Take some profits on the way up.. You can’t go bust by doing that.

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