As a seasoned crypto investor with a decade of experience under my belt, watching Bitcoin ($BTC) break through the $100,000 barrier and reach new heights is nothing short of exhilarating. Peter Schiff, the perennial Bitcoin hater, eating his words feels like sweet vindication for all of us who believed in the digital gold’s potential.
On Wednesday, the value of Bitcoin ($BTC) reached a record-breaking peak that fell slightly short of $104,000, marking the first time it surpassed the $100,000 barrier as its resistance. So, where will Bitcoin head next?
Peter Schiff eats his words
Economist Peter Schiff, known for his skepticism towards gold and Bitcoin, previously predicted that Bitcoin would never reach $100,000. However, his prediction was proven wrong as Bitcoin surpassed the $100,000 mark on Wednesday. In a recent tweet, Schiff suggested that the government’s involvement, including potentially buying off politicians and colluding with them, is responsible for Bitcoin’s dramatic increase in value.
Schiff might be interested in examining the substantial purchases originating from United States-based Bitcoin ETFs, which added approximately $555.8 million in Bitcoin on Wednesday. These are not transactions made by the government, but rather by institutions and individual investors.
The gist of Schiff’s claim that Bitcoin lacks inherent worth because it can’t be physically interacted with, much like claiming the Earth is flat, is starting to sound outdated in our digital era. In this tech-driven time, it’s reasonable to perceive value from virtual structures.
Bitcoin breaks out and starts forming a pennant
In simpler terms, the immediate future of Bitcoin ($BTC) indicates a strong upward trend. After breaking free from a triangular pattern, its price soared significantly. Now, it’s shaping up like a pennant or flag, which is typically bullish and suggests that the current price surge could continue.
According to the Fibonacci ratios for high and low in this triangle pattern, it’s likely that the price may reach approximately $105,000 based on the 1.618 Fibonacci level. If the trend continues, a potential next target could be around $113,500, which represents the 2.618 Fibonacci level.
Absolutely, if the bulls manage to sustain their present uptrend, it might keep the price moving higher. However, should the bears regain some leverage, it’s plausible that we could see the price revert back towards $100,000 again.
Bitcoin 2-week chart a thing of beauty
To make informed decisions about an investment, it’s often beneficial to move away from short-term perspectives and consider the bigger picture instead. By extending your focus to a 2-week timeline, you can enjoy a more expansive view of Bitcoin’s performance.
The chart you see above truly showcases a work of art, as the movements within this current bull run are reminiscent of a classic pattern. It’s fascinating to observe how the bull market gained momentum at the start of 2023 and subsequently reached the peak level that was attained in the previous bull market during 2021.
Previous peaks are usually challenging to surpass and sustain, and the $69,000 mark proved no exception. It required 36 weeks of price action moving sideways within a bull flag formation before a candle could break and maintain above this level. This remarkable candle resulted in an increase of nearly 40%, which translates to approximately $26,400 in value.
From that point forward, things have continued to improve and climb higher. As we’re nearing the end of this cycle, which could last another year or so, it’s hard to predict exactly how high the value of Bitcoin might ultimately reach – a task better left to those with psychic abilities.
A note of caution in RSI
Keep an attentive lookout for a warning sign in the Relative Strength Index (RSI) at the base of the graph. A downward sloping line indicates that the bulls will need to push the indicator line upward and reach a new peak. If they fail to do so, a significant bearish divergence may occur, which is worth noting.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- PYTH PREDICTION. PYTH cryptocurrency
- XRP Price Eyes $2 Support Level Amidst Market Correction
- OREO Unveils Six New Products for 2025
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
- TROTOAR Gallery Bridges Local and Global Art with ‘That’s What’s Up!’
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- ‘Brides’ Finds a Distributor in Neon for Latest New Vampire Horror Movie
- Ben Affleck And Matt Damon Are Back To Work Together, And An Insider Weighed In On Their Longtime Connection
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
2024-12-05 16:14