$BTC Long Term Outlook

[S3052]

Long Term Outlook (UP AS LONG AS 315 $ HOLDS):

Following the Bitfinex fiasco a few weeks ago, the market has been in a period of stagnation in terms of both
fundamentals and technicals. More broadly speaking, the financial markets are still in the “dog days of summer”
(aka, summer doldrums) which are characterized by low volume and low volatility, and which are caused
primarily by wealthy vacationers stepping away from the markets. More specific to bitcoin, the halving has
been properly digested so far, Seg Wit and other code improvements are slowly rolling out, and price is around
where the market seems to think fair value currently is. While we are expecting a least a few more weeks of
sideways consolidation, we remain of the mind that an upside resoltion is coming as we move into Autumn.

When we began working up the charts earlier we were surprised by how resilient and supportive
the weekly chart below looks. SCMR is still not painting any red candles and dynamic support
continues to build just below 400 $. It also appears as though the market is forming a bullish pennant
pattern with the recent low coming in on a bullish volume divergence. Speaking of that 465 $
low, notice that it was right in the OTE long zone, right at the top of the demand area, right on the
uptrend line, and right on historical resistance turned support. This 450 - 465 $ area is strong.

Conversely, Willy remains relatively overbought, RSI looks heavy, MACD has dropped below the zeroline, and the
9/18 EMA cross contiues to flatten. Additionally, despite pressing to the upside in a firm uptrend, the 200-week SMA
is still all the way down near dynamic support at 360 $, which is also the bottom of the downtrend pennant channel.

While we cannot technically rule out a test of the high 300’s $ at some point, we think it remains very unlikey and we
would be strong buyers of that move. The more likely path over the next few months in our opinion is a continuation
of the sideways consolidation between 450 - 700 $ prior to an upside resolution going into the end of the year.

https://www.bullbearanalytics.com/

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[richardsNY]

I personally don't rule out another move to sub $500 prices, but at this point there is nothing in me that even considers the possibility of going sub $400 again. Not even for a short time. Of course, this is assuming that we don't go through another hack drama of a major exchange. Other than that, my target for the remaining part of this year is a price between the $600-$69X levels.

[S3052]

I personally don't rule out another move to sub $500 prices, but at this point there is nothing in me that even considers the possibility of going sub $400 again. Not even for a short time. Of course, this is assuming that we don't go through another hack drama of a major exchange. Other than that, my target for the remaining part of this year is a price between the $600-$69X levels.

Interesting view. What do other think?

[Kvazimoda]

I personally don't rule out another move to sub $500 prices, but at this point there is nothing in me that even considers the possibility of going sub $400 again. Not even for a short time. Of course, this is assuming that we don't go through another hack drama of a major exchange. Other than that, my target for the remaining part of this year is a price between the $600-$69X levels.

I on the contrary think that the price of Bitcoin will no longer fall. Growing popularity of Bitcoin. Many of his trying to save. This all leads to an increase in the price of Bitcoin

[Fortify]

I personally don't rule out another move to sub $500 prices, but at this point there is nothing in me that even considers the possibility of going sub $400 again. Not even for a short time. Of course, this is assuming that we don't go through another hack drama of a major exchange. Other than that, my target for the remaining part of this year is a price between the $600-$69X levels.

It could easily drop below $500 again, it wasn't that long ago since it jumped above that figure. Fact is, nobody knows which way it's heading but it's been on a steady slope upwards for some time. Unless bitcoin gets hit by a shock factor - like another exchange getting hacked or a vulnerability being found, then that won't change.

[ObscureBean]

I think we took the Bitfinex hit extremely well, we recovered so fast it was like it never even happened. It's a good indication of how far we've come and how strong the market is these days. People just didn't panic as they would've a few years ago and we've slowly but surely been climbing back up since. Also don't know if you guys noticed but we're back above $650 on Bitstamp as of less than 24 hrs ago  

[streazight]

I personally don't rule out another move to sub $500 prices, but at this point there is nothing in me that even considers the possibility of going sub $400 again. Not even for a short time. Of course, this is assuming that we don't go through another hack drama of a major exchange. Other than that, my target for the remaining part of this year is a price between the $600-$69X levels.

I on the contrary think that the price of Bitcoin will no longer fall. Growing popularity of Bitcoin. Many of his trying to save. This all leads to an increase in the price of Bitcoin

You are right, there is no any reason that will make bitcoin price go down. What we should be expecting higher and higher price because everyday the currency keeps gaining popularity and acceptance by so many people and multinational companies.