Bitcoin Cup & Handle Still In play 40k Target
I had written a post a couple of weeks ago about bitcoin being in a cup and handle pattern. Back then I saw a 50% chance of it playing out today I am feeling more confident about the rise to 40k so I wanted to update my thoughts on it because if this plays out then. . .
Pop culture, Social media and the News Cycle have played a big role in the rise and fall of various currencies. I am thinking of Doge ETH Matic & BTC from the 2021 rallies.
Why am I talking about this? Well, two days ago the prominent design engineering lead of Tesla, Space X, & Open Ai Mr. Elon Musk defined Bitcoin or rather cryptographic hashing as one of the only remaining technologies that is safe from Artificial Intelligence. His words, not mine.
I get the sense that other people who actively listen to Mr. Musk for insight have taken note.
So, let's watch to see if this pattern plays out with this information in mind.
Looking at the PVT now we can see that the level we are testing now is actually the previous 2017 high. I like to think about PVT as an indicator for trading activity / interest in BTC.
Imagine that; in 2023 at 40k BTC has the same level of trading activity as BTC in 2017 at the frenzy of the pico top.
Not only does this sound normal, healthy and reasonable for the time frame given but it actually looks like the start of a new rally.
I am being cautious here, the general sentiment is that BTC will be in a bear market until 2024 or possibly 2025 if the 4 year cycle rule still holds water.
Is it possible that the majority of people are right? In my trading experience that is often not the case. In reality the ones who benefit are the ones who front-run the trend in both directions both long and short.
If you got this far you can have my targets and sequence of play.
1. 40k July/August 2023
2. % of portfolio Rotation into alt market August - February
3. 100k BTC January / February.
Check out my other posts to see what alts I am trading.
Hold, Share, Educate
Pop culture, Social media and the News Cycle have played a big role in the rise and fall of various currencies. I am thinking of Doge ETH Matic & BTC from the 2021 rallies.
Why am I talking about this? Well, two days ago the prominent design engineering lead of Tesla, Space X, & Open Ai Mr. Elon Musk defined Bitcoin or rather cryptographic hashing as one of the only remaining technologies that is safe from Artificial Intelligence. His words, not mine.
I get the sense that other people who actively listen to Mr. Musk for insight have taken note.
So, let's watch to see if this pattern plays out with this information in mind.
Looking at the PVT now we can see that the level we are testing now is actually the previous 2017 high. I like to think about PVT as an indicator for trading activity / interest in BTC.
Imagine that; in 2023 at 40k BTC has the same level of trading activity as BTC in 2017 at the frenzy of the pico top.
Not only does this sound normal, healthy and reasonable for the time frame given but it actually looks like the start of a new rally.
I am being cautious here, the general sentiment is that BTC will be in a bear market until 2024 or possibly 2025 if the 4 year cycle rule still holds water.
Is it possible that the majority of people are right? In my trading experience that is often not the case. In reality the ones who benefit are the ones who front-run the trend in both directions both long and short.
If you got this far you can have my targets and sequence of play.
1. 40k July/August 2023
2. % of portfolio Rotation into alt market August - February
3. 100k BTC January / February.
Check out my other posts to see what alts I am trading.
Hold, Share, Educate
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