Yesterday Bitcoin hit another historic high, a new standard for BTC, to celebrate Christmas. Currently, trading around $ 24,900, the retail industry looks set to use the holiday season and the weekend to jack up prices and get institutions to switch to FOMO next week.
Judging by all the things that are bullish, bitcoin looks set to hit new levels. As Charles Edwards of Capriole Investments noted, “New all-time highs (ATH) usually lead to more ATH.”
However, the good thing for anyone looking for a good setback, Edwards sees one before moving on to 2021.
Using the old school Wyckoff theory, he sees the correction next week that could take us to $ 21,000.
“Some short-term metrics suggest that a brief pullback may be due and if that happens it would probably represent a great buying opportunity in the $ 19-21,000 region. But don’t count on it, ”wrote Edwards, who advanced the Hash Ribbons indicator to time entry points into the Bitcoin market, in the newsletter.
Indeed, the region of $ 19 to $ 21,000 benefits from significant support. In addition, the cost of producing Bitcoin is also around $ 18.6K and increasing.
All in all, there is a high probability of a further bullish continuation over the next few months, both in technical and fundamental terms.
“It’s amazing how much corporate media accounts and fiat hyperinflation all align with the highest return period of Bitcoin’s four-year cycle, 2021.”
“Buckle up and get ready for an amazing year.”
Charles Edwards Capriole Investments
Speaking of next year, Edwards points to the great opportunity that only happens once every four years.
Approaching 2021 with great confidence, “we expect to see Bitcoin in the $ 100,000-200,000 region in 2021, and would be shocked if it didn’t hit at least $ 50,000.”
Bitcoin / USD
24,892.4402 $ 298.71 1.20%
- Volume 42.12 b
- Change $ 298.71
- Open $ 24,892.4402
- Circulating 18.58 m
- Market capitalization 462.54 b
BTC post will hit 0k-0k in 2021 but there may be a pullback before moving on to next year: Bitcoin Analyst first appeared on BitcoinExchangeGuide.
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