Bitcoin Could Reach All-Time High This Year
Hello friend, today I decided to review the trading view and I began to analyze the patterns of the year 2020 when Bitcoin managed to reach the historical maximum and if we analyze the patterns of this year is something similar due to what I experienced two years ago, if my calculation does not fail me, the Bitcoin should go back to 26,000 USD or something close to that price and then start a "Bull Run" that would take the price of Bitcoin to a new all-time high for October of this year.
Analyzing the image below, we can notice that bitcoin shows a structure similar to what happened in 2020, if we do not go to the RSI Index, it indicates that the currency has been overbought and has increased by 8% in recent days, which is why a setback is expected in its price something significant I hope I am not mistaken.
The bitcoin price is trading at around USD 30,000 and if what happened in June 2020 were to repeat itself, bitcoin would be hitting USD 26,000, which is the same price it maintained a couple of months before starting the rally at USD 30,000, to understand my prediction we have to understand the basic concept of technical analysis as support and resistance.
A support is a price level where the demand for a cryptocurrency is strong enough to stop a possibly downtrend. On the other hand, resistance is a price level where the supply of a cryptocurrency is strong enough to stop the uptrend.
It should be noted that this is a model prediction of what was experienced in the year 2020, my prediction does not exactly have to occur, but it is possible that a correction to that level will be seen before a new bullish super rally begins. |
|---|
Despite the fact that my prediction is about a strong correction in the price of bitcoin, I am optimistic about the future of Bitcoin since after the correction the price could reach 80 thousand dollars from that moment, however, predicting the cryptocurrency market is something uncertain and each investor has to invest with great caution and carry out their own investigations before making any investment decision.
We only hope that we will hear new positive or negative news from the crypto asset market and a few months ago it was learned of the bankruptcy of 3 banks that use cryptocurrency as a means of payment, now let's just wait for good news from this moment on.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.