Will we reach $10k by year’s end? That is everyone’s question.. I know we will probably get close to $9k sometime soon. Imo; I don’t think a retrace will happen just yet until next year (more on this in my next post), so the $10k mark may very well be possible. Sidenote: You notice all three Bigs are trending sideways more and more into consolidation. Which one will break out first, lead the way, gain more? (more on that in my next post!)
Here’s a few of my reasons why Bitcoin will break this tough $8.3k line and continue it’s path up..
- Upward Triangle – If indeed Bitcoin is having trouble with this $8.3k line, it will eventually form into an upward triangle within the next days. No one is missing this opportunity for the next rally so imo, no signs of any downward movement because folks are ready to buy, buy buy.
- Holiday Season – (in my previous Litecoin & Eth post) I know I know, what? Traditionally, crypto coins have done nothing but go up during the holiday season. Especially during late November heading into the holidays. People spending money, people thinking about ways to re-coup the money they just spent, people feeling spend risky during the holidays, etc.
- Where’s The Volume?! – (just like in my previous Litecoin & Eth post) I believe the reason why volumes are low is because investors got spooked about the recent tether hack & have pulled money back into fiat waiting to pounce on the next opportunity. Imo; I don’t think this money is sitting in another Alt, just fiat. So volumes will pump once again at the drop of a hat.
With all that said; is now a good time to buy? Sure, I think $8.1k’ish is perfect if you can catch it.. but now at $8.2k is not a bad time either. If you’re worried about the big ol market correction doomsday that is going to happen, I wouldn’t count on it happening just yet. Although; I do think it will come, just not anytime in the next weeks.
Once we break this stubborn $8.3k line, then what? No telling, and anyone who does are usually wrong anyways once it does happen lol. Seriously.. go checkout every prediction, ever. They can predict if something breaks up or down from a point, sure… but they usually don’t pin the next resistance line very well.
So.. the only way to defeat that is to check back often for my next predictions when it does happen. (notice I said “when” because Bitcoin will break $8.3k, whether now or whether later, it’ll happen). With all that said; I would lean towards a rally of a clear path to at least $8,500, possibly $8,600 once we clear $8.3k.
Til next time!