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One fractal analysis, predicts that Bitcoin price ongoing consolidation will resolve to the upside in an explosive fashion.
The catch: the BTC breakout will come at the end of 2020 – over five months away.
On March 12th and 13th, the Bitcoin market broke down. As many investors likely remember, in the span of approximately 24 hours, the cryptocurrency market fell by around 50%.
Bitcoin then plunged from the $7,000s to $3,700. Few expected the market to recover at the time.
There were some, however, trying their best to stay optimistic.
The CIO of Altana Digital Currency Fund, Alistair Milne, shared the chart below in the day after the crash, attaching the comment:
“So, if you take the fractal after the Aug 2015 meltdown due to exchange dysfunction (and major trendline break) … and place it on the end of Friday’s meltdown, you get this …”
The chart, which showed Bitcoin could follow the path it took after 2015’s crash, implied that BTC would recover to $10,000 by June.
And that it did, with Bitcoin spiking above $10,000 at the start of June.
This same fractal now predicts that after two more months of consolidation, Bitcoin will hit $18,000 by the end of 2020.
As Milne explained in a recent update about the fractal:
“Would you accept another ~2 months of no volatility if it meant we go directly to $18k within 4 weeks of a breakout?”
Milne isn’t the first individual to have suggested that Bitcoin’s ongoing consolidation will resolve higher.
Mike McGlone – the senior commodity analyst at Bloomberg Intelligence — recently wrote the following on Twitter:
“Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices.”
So, if you take the fractal after the Aug 2015 meltdown due to exchange dysfunction (and major trendline break) … and place it on the end of Friday’s meltdown, you get this …
The sentiment McGlone shared is in line with the sentiment he shared in previous analyses. In editions of Bloomberg’s “Crypto Outlook” released over recent months, the Wall Street analyst has outlined a perfect storm of reasons indicating that Bitcoin will move higher.
Some of those reasons are as follows:
* The BTC block reward halving that came in May
* The increasing investment in the Bitcoin market by users of the CME and clients of Grayscale
* Bitcoin’s growing correlation with the gold market
* And more.
In other trending Bitcoin News today:
HOW CAN YOU NOT BE BULLISH ON BITCOIN? ANALYST ASKS DUE TO NEW DATA
Despite volatile price action, a majority of Bitcoin in circulation remains inactive.
According to data from Glassnode, a blockchain analytics firm, the percentage of coins not moved has reached 62% — an all-time high.
This comes in spite of the fact that 77% of the Bitcoin supply was accumulated at a price lower than current.
That’s to say, 77% of all BTC can currently be sold for profit. To Rafael Schultze-Kraft, the CTO of Glassnode, the confluence of high profitability amongst investors and increasing levels of holding is bullish.
“BTC supply not moved in over a year: 62%. BTC supply in a state of profit: 77%. Read: Many investors could be profitably cashing out, but instead choose to hodl. How can you not be bullish on Bitcoin.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
How Can You Not Be Bullish on Bitcoin? Analyst Asks Due to New Data
#Bitcoin Blahs? Benchmark #Crypto Looked Similar Before Past Gains —
Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices. pic.twitter.com/XbIMv5AYAf— Mike McGlone (@mikemcglone11) July 2, 2020
Would you accept another ~2 months of no volatility if it meant we go directly to $18k within 4 weeks of a breakout?
Check what happened in early 2016… https://t.co/BH18zB9eOb
— Alistair Milne (@alistairmilne) July 14, 2020
This 2016 Bear Market Fractal Shows Bitcoin Could Shoot Towards $20k in 2020
https://cryptopotato.com/bullish-bitcoin-price-post-halving-patterns-start-repeating/