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If you are a cynic battered by the bear market of 2018, you may believe that Bitcoin recently hit its ‘local top’ in this short-lived bull market. However, looking at longer-term trends, the leading cryptocurrency appears to be in a tight accumulation zone.
Crypto Michael (@CryptoMichNL) recently posted a chart which argues that the local top is far from in. In fact, he predicts that the FOMO surrounding Bitcoin will heat up as we approach the end of Q4. He predicts that a descending wedge and low We can describe volatility as how much the value of an asset changes over a given time. A volatility index... More will likely play out for the next two months or so as part of this ‘accumulation phase.’
I've posted this write-up on Tradingview with my current thoughts about the market and why I'm thinking this is a re-accumulation phase rather than a 'top' of a bullmarket. https://t.co/6mD6m3gQi7
Weekly updates will be posted.#CRYPTO
— Crypto Michaël (@CryptoMichNL) September 9, 2019
This price movement would put us on track to seeing Bitcoin reach a new all-time high by the halving event in May of 2020. However, as you might already know, Bitcoin’s parabolic rise tends to happen after halving events. Although May 2020 will inevitably bring upward price pressure, the real fun begins in Q3 and Q4 of 2020.
Rekt Capital (@rektcapital) posted similar positive sentiments in a recent tweet, arguing that Bitcoin could rise 12,160 – 13,378% in the years following the halving event based on the previous two which have occurred. That would place Bitcoin at a whopping $400,000 or so by 2024. The idea does not seem implausible given that Bitcoin has risen by that much for its previous two halvings — both during periods when the leading cryptocurrency had far less exposure and institutional clout than it has now.
Noted cryptocurrency commentator Crypto Loomdart said similarly last month when he claimed that $10,000 per BTC is likely the current ‘fair price’ for the cryptocurrency. He argues that Bitcoin will likely oscillate between $8,000 and $12,000 for the foreseeable future, also noting this as an ‘accumulation zone.’
Following Michael’s advice, now until November seems to be a solid entry point for long-term holders.
Do you agree that Bitcoin is currently in an ‘accumulation zone?’ Is this a smart position to enter? Let us know your thoughts in the comments below.
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