Sirwin
Sirwin

Bitcoin about to repeat explosion with safety net explained

By Pyratellama | THe_LoOny_LLamA | 6 Mar 2020


Here's an interesting chart I made. A couple points on this. The first arrow (lower, left) is the last time the bitcoin reward halving occurred. In the year after Bitcoin went parabolic.

 

Bitcoin LLama Run incoming!

That bubble burst and the price corrected, which brings us to our 2nd point. The straight line going from the lower left to the upper right. This is a support line that bitcoin has not dipped below in over 4 years. It has come close and each time bounced right off. This is our safety net.

The 2nd arrow (upper right) is where the next bitcoin halving is projected to happen, sometime in May. Most analysts in the crypto sphere expect something similar to happen to the first halving. If it goes parabolic to the same extent as last time that will put bitcoin in the $100,000 range.

 

Now check out the red circles. The pattern of that first circle looks eerily similar to the pattern in the 2nd circle which we are in the middle of right now.

No one knows for sure what's going to happen, but since new bitcoin supply is cut in half it makes sense that the price will rise because of that. I wouldn't be surprised for it to correct down to somewhere near 8500 before we go way up, but I also wouldn't be surprised if it didn't go that low ever again especially since that 4 year support line is getting closer and closer.

IF bitcoin drops below that support line, all bets are off and it could dump down to $2k, but I don't see that happening. That support line has been tested many times and is really strong. Each time it gets tested and prevails it gets stronger.

So when is a good time to buy? Well considering what the price might be by the end of the year, or next year I think anytime is a great time to buy. I've been buying since it hit $4k last year. I've sold a lot when I was broke so it came in handy, but I've been buying again lately.

I buy mainly alt-coins, however I wouldn't recommend that unless you spend some serious time researching. I think the best bets right now are the 4 main coins. Bitcoin, Litecoin, Etherum, and XRP.

If you're feeling adventurous or feel like gambling here's what I'm investing in outside of Litecoin: BNB, SUTER, ALGO, KCS. I want to buy some ATOM, Tezos, ENJ. If you're new to crypto don't get these coins, stick with the top 4.

If you're not trading and just holding your coins there are a couple companies that will give you interest if you park your crypto there, or borrow money off of your crypto. I'll do a post about those soon.

I'm not a financial adviser, so take everything I say with a grain of salt and dyor. BUT the future looks pretty damn bright IMO.

Thanks for reading! Please let me know in the comments:

  • Do you think I'm right?
  • Is btc going to go parabolic? 
  • What coins are you holding, and which ones do you want to buy? 

 

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Pyratellama
Pyratellama

Audio engineer, studio owner


THe_LoOny_LLamA
THe_LoOny_LLamA

All kinds of stuff ranging from crypto, to music, to life hacks

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