After a bearish settling phase, Bitcoin approaches and breaks the resistance of $50,000 from the bottom. This is the fourth time this has happened in about 6 months. However, only 2 of the 4 times the breakout occurred following a major and very strong upside and the last one is one of them.
Now, just so as not to be overly bullish, let's see the two most likely scenarios.
1- LH: The first possibility is the formation of a graphic structure called Lower High, that is a local maximum point of the lower price than the previous one. This would mean that the descent has started and in the future we will see decreasing highs and lows.
2- HH: that is Higher High, and consequent ATH (= all time high). This is the option we obviously prefer. It would predict a rise that would take the price beyond the last ATH.
Considering the second option as the most likely one, we don't know how far the price can rise, but some analysis can give us an idea. Let's see for example the Stock To Flow model, as I wrote in this article.
The S2F model predicts asset growth peaking between $100 and $288k by the end of the year. Is such a scenario possible? In my opinion it is difficult to reach figures like $288,000 in the short term but not impossible. Personally I hope so and I believe that many of you are making this thought.
--> As long as we wait for ATH, however, I invite you to read this article of mine which explains how to earn an interest in the BTC you hold.
So I ask you, what do you think? How far can BTC go by the end of the year in your opinion?
Comment below and tell me what you think.
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-Thank you-
L.
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