Bitcoin Has Never Been Worth More Than It Is Right Now.
You might be thinking this is a stupid thing to say. Numbers don't lie. Clearly $20000 > $9000. Well I'm here to say that this is wrong. Market cap liquidity is an extremely poor measure of value. Never before has Bitcoin ever had this much support worldwide. From institutions to corporations to the little guys, Bitcoin's network and infrastructure are ever-expanding.
Bitcoin has never had a value of $9000 before. Sure, it hit $9000 on the way up to $20k and on the way down to $3.2k, but there was never any support at this value. Now we are seeing support.
Using crude and amateurish methods of technical analysis, we can see that $7500 is an extremely critical value.
$7500 was a resistance line three times while it was a support line six times after that. It's going to be very hard for Bitcoin to dip under this value simply from the technical pressures of liquidity trading.
I've been talking about for months now about how I thought June 15 might be the start of something big. I was happily surprised to see that I got the exact day right. Lucky.
Prediction
Bitcoin will spike up to $12k and then crash to $7500 in September/October. All bets are off when we hit the Christmas bull run. The speculation is massive. The proof-of-work halfening is going to be priced in earlier than ever before.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|
| $100 | $200 | $400 | $800 | $1600 | $3200 | $6400 |
| Jan | Feb | Mar | April | May | June |
|---|---|---|---|---|---|
| $3467 | $3733 | $4000 | $4267 | $4533 | $4800 |
| July | Aug | Sept | Oct | Nov | Dec |
|---|---|---|---|---|---|
| $5067 | $5333 | $5600 | $5867 | $6133 | $6400 |
Don't forget, the base value of Bitcoin is still $4800 imo. Bitcoin could dip down to this value. However, volatility breeds volatility. It seems like the only way for it to dip down to its base value is if it first spikes x10 higher than that ($50k)
Disclaimer
I am the Bitcoin Oracle. Everything I say from a speculation standpoint is guaranteed to come true exactly as I say it will happen. Risk everything on my amateur predictions because I'm never wrong.
Dude! I actually hate when people just like draw the support lines and act like that's enough to do technical analysis. If it was that easy, I could start making myself out to be a master technical analyzer.
I've actually been looking for a good person to follow for technical analysis for like a year or more. Most just do the same support crap, which anyone can do, and bullshit a while. I actually asked people to suggest someone for technical analysis on Steem...they all just plugged their own pages...and I wasn't impressed.
In regards to the whole support worldwide...I've been surprised that all these stories about adoption and such of crypto worldwide hasn't seemed to budge the price really. I've started to come to the conclusion that crypto doesn't really react to news. This is probably because of years of mainstream news just shitting all over crypto. So, whenever it seems like crypto react to something in the news, I've learned to wait, because the news is probably wrong, and that's not really what it's reacting to.
It's like the news media has a huge ego, and it always thinks that some price change is due to some story they did...but in reality, it's never about them, and it's probably just some whale that died and some idiot not knowing how to properly sell his holdings. Or someone that messed up and put in a sale by accident. Or someone manipulating the market.
I used to follow a dozen people who did TA on Steem.
Now I only follow @jrcornel,
everyone else got cut when I did a purge of my follow list.
Yeah, I follow @jrcornel too.
I haven't found too many that do that good of analysis. There are tons here, but most of them aren't worth following...or say something so profoundly stupid I have to unfollow.
Love your disclaimer.
Good advice.
Many good points about Bitcoin. I especially like your disclaimer.
This is true bitcoin has many more use cases then it did in the 2017 rally. In fact there really where not many use cases at all for it. 2018 was a major year for adoption into payment systems.
I have a feeling most are just burned from the money they "lost" in 2017 but really they didn't "lose it" unless they sold for some dumb reason lol
Ah forgot to note that around the $7,500 level is my target price at the moment. For me bitcoin is highly overvalued and most likely run from news that is being misinterpreted.
I agree that next fall will be major FOMO time. Better load up. When do you think the next peak will occur? In 2021?
I trust your prediction. Already sold my car, my cow and my socks. All in on Bitcoin!
Nice.
So you're on the flaglist too eh? wtf.