Sirwin
Sirwin

The State of Bitcoin - Price Predictions for Bitcoin

By Keeef | CryptoFactor | 17 Dec 2021


The State of Bitcoin

Things looking good for Bitcoin with the recent rally, with bitcoin trading in a descending and broadening wedge formation but potentially a head and shoulders pattern forming over the next few months, but I believe if this bearish scenario should play out, you may see a sub-$30,000 Bitcoin, providing another excellent buying opportunity, as this bull market continues.  It's almost certain in my head, that we are looking bullish for continuation and the market is bull and lengthening.  All goods sign as the market matures and more adoption drive more adoption!

So, long story short: We may see a little more pain with a sharp correction downward followed by a large move to the upside.  Whatever happens, I'm continuing to Dollar-Cost Average in, and if I see $30,000 BTC, I will be filling my bag.  

Another possibility could be a move to retest the lower limit of a descending bull wedge in the vicinity of $44,000 for a trend reversal and break out then our bull market can get back on track.  One thing is for certain, whenever the impulsive, parabolic moves happen, they are always spectacular and surprising.  No one seemed to foresee the potential upside as more and more people FOMO in.   I think we could also be looking at a whole lot on not-much happening for the coming weeks or months before we see some parabolic action, but when it does eventually happen, it will be beautiful!  The longer we have a whole lot of nothing interesting and Bitcoin Trades sideways, the more energy the following parabolic move will be.  

There are also some insane price predictions going around, although previous bull market all-time highs seemed insane at the time.  $260,000 seems a long way away, but it remains possible, especially when specifying a time frame!  I am continuing to accrue interest and compound my crypto with Nexo where I can get some good returns whilst keeping my crypto safe, whilst continuing to scoop up as much BTC, ETH, ADA, MATIC, AVAX, ALGO to HODL long term.  

You can make use of Logarithmic Growth Charts to find a good buying opportunity.  Here is this entire year from Coinglass: 

73f8df08e9d1ca8dbcb508f926a9f009b66d23c3ec47b77b372d04b303751dcb.png

Finally, I'm looking to Cardano ($ADA), a consistent top 10 altcoin that I believe will give Ethereum which remain severely undervalued.  55% of all Cardano wallets are staking their ADA, further reducing supply, and with an entire ecosystem in the pipeline, the demand for ADA will increase.  

I took a little diversion from my usual content yesterday, with an article about Political Betting and the US 2024 elections. It's not had much reach, but plenty of comments and feedback.  So if you are keen on more content like this, or you would prefer more TA, Reviews, Thoughts on Politics, Economy or whatever, do let me know below in the comments.  Thank you to everybody that has subscribed, and I'm flattered that I've amassed nearly 50 followers in the short 3 weeks I've been publishing here on I publishing on Publish0x.  If you're not subscribed already, please consider doing so. It's free and I publish between 3 and 5 times per week. Please do remember that none of the above is financial advice, you should always do your due diligence.  

 

 

 

How do you rate this article?

13


Keeef
Keeef

Cryptocurrency Journalist, Enthusiast and Commentator


CryptoFactor
CryptoFactor

CryptoFactor is a place to find genuine ways to accumulate cryptocurrencies, make the most of your current portfolio, earn yield and more.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.