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What was he thinking?!

Bitcoin Has Breached $55K, What is Next? When is The Correction Coming?

By Ham | Bitcoin & Altcoins | 20 Feb 2021


Whew, exciting times, huh? Personally speaking, I would've never imagined we'd absolutely obliterated through the $20K line at the beginning of the bull run. Yet here we are, all poised to break through $60,000! 

As the much-awaited altcoin season is coming, and as the bull continues to guide the way throughout the cryptocurrency market, people round-about are still in wonder: Where is Bitcoin going to, next?

Well, Your neighbourly crypto-enthusiast would still utter the same ol' answer they told you back in the symbolic crash of 2018: Up it goes!

But that answer doesn't satisfy my curiosity, nor does it do justice to you, the reader's, curiosity either. In truth, I'm envious of that kind of unrealistic optimism as our gullible enthusiast, haha! Anyway, on to the substance of our topic:

I have analyzed the market's sentiment, the current trajectory and the ongoing velocity of the bull run from the brass tacks and beyond, and I've come to a conclusion that'll shake the ground! Yep, you heard me. Here's how it goes.

Correction?

Bitcoin has breached the $50K line, which was once a major resistance to both HOLDers and buyers alike, and has turned it into the biggest support line against future corrections in the coming weeks. Suffice to say, that if a major price reversal were to take place, it will have to gut and hack through this very tough and iron-clad support line before the price dips below $50K. Our institutional investors' help in maintaining this support cannot be overestimated; they're of a big help to our rally upwards towards 100K, and of a big shield against the inevitable correction.

Give Elon Musk a round of applause! North of a billion dollars invested in Bitcoin has driven the trajectory upwards and had prevented a nasty correction back to sub-30K levels

What's next?

Well, this is what you are here for, right? As others have already stated loud and clear, Bitcoin breaching $100,000 is an idea that's not off the table. 

Why do I say that it's not off the table? Simply because of the fact that no major correction took place all throughout the bull run! Corrections, despite how scary they may sound, are important in weeding out the weak-willed holders, and essential in driving the price up with more able-bodied investors that can endure losses in the millions. If there is a good time as any, I anticipate the correction to take place between $70-80K before we rally it big towards $100K!

In closing...

Bitcoin has, once again, proven that it is here to stay. And with the price driving up, more established people and reputable investment firms are turning their heads towards it!

Could the next halving event really put things into gear? Could the next halving dare to challenge the central bank's authority, even? We can't know for sure, until 4 years from now.

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Ham
Ham

A technical analyst hamburger interested in Bitcoin!


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