Today we could discuss the crazy Ponzi scheme that is Tesla (which in hindsight I wish I had bought) but instead, we will return to our favourite crypto: Bitcoin.
As a reminder, Bitcoin is up around 117% year to date, which is kinda what we want our investments to do each year, right? It tends to increase around 200% per year, so the next two months should be fun. I’m on record as expecting a $100,000 USD Bitcoin price before the end of 2021, so we shall see how the next two months play out.
The chart, to me, is a perfect setup for the rocket ride:
The three previous tops in February, March and April are represented by the three blue horizontal lines, and they were all breached with a new all-time high in October. Those levels now act as resistance. We may have a very short consolidation period (a week or two) while we bounce amongst the blue lines, but I expect to see $70,000 in November and $100,000 in December.
Believe it or not.
Where does this end?
Perhaps $130,000 in January, or perhaps a crazy blow-off top of $250,000 in the spring, before the inevitable crash happens, and Bitcoin drops back to perhaps around where it is now. So you hold your position, buy the dips, reduce exposure when the RSI gets too high, and take profits off the table in stages starting at $100,000.
Do it through QBTC, or the coins themselves, whatever you wish.
This is the best performing asset class of the last decade, so whether or not you think it’s a scam, it is what it is, so govern yourself accordingly.
Happy November; see you next week.
Bitcoin: The Perfect Set Up
by JDH on October 30, 2021
Today we could discuss the crazy Ponzi scheme that is Tesla (which in hindsight I wish I had bought) but instead, we will return to our favourite crypto: Bitcoin.
As a reminder, Bitcoin is up around 117% year to date, which is kinda what we want our investments to do each year, right? It tends to increase around 200% per year, so the next two months should be fun. I’m on record as expecting a $100,000 USD Bitcoin price before the end of 2021, so we shall see how the next two months play out.
The chart, to me, is a perfect setup for the rocket ride:
The three previous tops in February, March and April are represented by the three blue horizontal lines, and they were all breached with a new all-time high in October. Those levels now act as resistance. We may have a very short consolidation period (a week or two) while we bounce amongst the blue lines, but I expect to see $70,000 in November and $100,000 in December.
Believe it or not.
Where does this end?
Perhaps $130,000 in January, or perhaps a crazy blow-off top of $250,000 in the spring, before the inevitable crash happens, and Bitcoin drops back to perhaps around where it is now. So you hold your position, buy the dips, reduce exposure when the RSI gets too high, and take profits off the table in stages starting at $100,000.
Do it through QBTC, or the coins themselves, whatever you wish.
This is the best performing asset class of the last decade, so whether or not you think it’s a scam, it is what it is, so govern yourself accordingly.
Happy November; see you next week.