Bitcoin's long term trend

in #bitcoin7 years ago

Obviously this a kinda wild speculation but I'm yet to see anyone mention the apparent 'pattern' that Bitcoin has been on for the past 14 months. Looking at the 1D TF we have these cycles of increase and decrease. When the BTC price started to fall in September (although earlier than I'd expected) I wasn't completely surprised. The previous drop that resulted in a 36 day down trend (or consolidation phase) came after the price closed in on the $3000 dollar mark. This latest shift to the down side came after the price nudged $5000. 

My prediction is that somewhere around the end of Oct/early Nov the current consolidation phase will end and we'll see the price run above $5000. 

After that It's crazy wild speculation, but I wouldn't be surprised to see quite a drop if the price ever pushed up towards $10,000 per Bitcoin. I think $10,000 is possible but we'd need to see a wider adoption of BTC, especially as a medium of exchange and not just a value store/speculation market. At which point i'd be willing to hedge that Ethereum starts to steal a larger percentage of the market cap away from BTC. 

Would love to hear your thoughts, especially in regards to using TA to attempt a prediction of such a long time frame.

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