BTC UPDATE. BTC TO HIT $80K-100K IN 6 MONTHS

[ahmedbrown]

*BTC UPDATE.......*
*BTC TO HIT $80K-100K IN 6 MONTHS*

BTC took a dramatic new lows today, breaking below the 7800  boundary of the broader bullish support that has been in place for some time now.
Call it a black friday and you are right.........but how dip into the dark are we going?

The 4 hour chart above, seems not to be looking good at the moment. BTC on a falling wedge, storch in overbought in the 1 hour time frame RSI also not cooperating, an indication that price may fall futher.

After breaking the 1.618 fib level downwards, BTC hard a little spike that saw the price rising from below 7800 to 8661 as at the time of writing this report.
Is the correction over? In my opinion i think its a NO!!!! as there are still lots of FUD passed arround by media, especially the recents stands of the Indian Finance Minister on crypto currency.

Bitcoin may see a correction below the 5000 mark in less than a week before taking the next rally up. once BTC falls below the 5000 mark, no rational investor will short again as shorting at this level is the same as buying deep. so expect investors to go long and this will drive price up to a new ATH.

Moreover, Just as it happened early last year, its happening again......BTC droped over 54% from arround $1200 to below $600 between January and february last year, and by mid March through first week of May, BTC rose to a new ATH of 1700, and by June the price rose to 2500 giving over 350% rise in price in less than 60 days immediately after the fall.

Could history be repeating itself again? will BTC see another 350% rise between Mid February through April this year having fallen by over 54%? Time will tell......just like last year, expect a  boom and quick recovery.......though correction is taking longer now because capitalization is 150+ billion this year, as opposed to 15 billion last year.....10x higher than last year.

Bitcoin however, remains the leading crypto currency as of today. Though ETHER and NEO are becoming stronger, the KING will always be KING no matter what happens.

Banks and other Financial Institutions may be influencing governments to come out with new regulations, manipulating media, which in turn brain washes us, which results in mass sell offs, panic and withdrawals of Bitcoin and other cryptocurrency from exchanges, thereby crashing price further, but it still will not stop Bitcoin.

If history will be repeating itself again just as we are already seeing now, then the price of Bitcoin will be worth $80000-$100000 THIS YEAR!!!!!!!! So do not panic when you see the price go below 5000, if you panic sell you will loose out, if you HODL, you will smile later.....and if you have money, then now is the time to buy more as BTC is already in the last face of correction, between 7700-4200.

Remember, this is a trying period, and only the strong minds will remain in this game by the end of this year.........the weak ones will be filtered out without mercy.

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[Simple_Man]

I don't think bitcoin will be going down to 5k level anytime sooner or later. Because the market cap shows that investors have started coming into the market to buy in big chunks. But the January - February trend is probably right and we will see it again this year and bitcoin price will keep rising during that time. But 5k seems impossible at least now.

Even though I am not optimistic like you, but bitcoin price will rise to new heights this year for sure. But again 80k level seems impossible right at this moment. Probably we will see 30k this years maximum. The current dip is just another ground preparation before taking another leap.

[Anthony1985]

That Bitcoin has a massive potential is for sure, but those targets are a bit big in my opinion

I would be more then happy if the price bounces back at 20k

[markint]

I think it's enough to see the charts of 2015 and 2016 to realize that the price of bitcoin at this time should be around $3,000 if it had followed a pace of growth appropriate to the rate of penetration that bitcoin has had in the world economy, but the speculative wave of 2017 shattered all market logic. Therefore I think the price is still overvalued and has room to go back even further, so the price of $100,000 only I see viable in about five years.

[flippener]

I think it's enough to see the charts of 2015 and 2016 to realize that the price of bitcoin at this time should be around $3,000 if it had followed a pace of growth appropriate to the rate of penetration that bitcoin has had in the world economy, but the speculative wave of 2017 shattered all market logic. Therefore I think the price is still overvalued and has room to go back even further, so the price of $100,000 only I see viable in about five years.

I hope you're wrong, but you argument is persuasive. I so wish I'd sold at $20k, I'd be in a happy place now.