These days the only players expressing interest in Bitcoin are those that bought at the top and are carrying the bag and the institutions that in a corporate sense did likewise.
Bitcoin just aint Bitcoin anymore. The digital currency, independent of the predators of Wall Street, untraceable and a panacea of all poor mans ills, is no longer a way to stick it to the man. The man is actually, a fan bigglie!
Even denizens of Crypto made wealthy by it are having to put their hands into their pockets to bail out their endeavours.
The only one getting fat is Kin Jong Un…. oh wait!
So what now for Crypto.
Bitcoin is stuck.
Well not really, Bitcoin is digital Gold, so that make Gold physical Bitcoin.
…. Well Boomer Bitcoin as I lie to call Gold especially in the golden roundness of an Eagle of Britannia, seems to have outshone the spawn of Satoshi.
So what do I see coming in my crystal balls.
So first of all I re-iterate. Charts are very good at predicting the past. Hey are also very good at plotting likely paths. So rather than nail on the future, which I must say I’ve done rather well at for Gold here in the last few years, they are better for getting a guide on the path they are are os they pick the road ahead on one of a short selection of obvious pathways.
So here is Bitcoin and a few paths it is likely to head along. Yes Im still a grizzly bear.
So here is the chart.
Lets just say the Bullish W doesn’t look very likely. A drop to $50,000 also doesn’t seem to much like a bottom either.
$20,000 seems a bit bleak even by my standards. So I still think $30,000-$40,000 will be the bottom.
However there are enough powder kegs and flying sparks to turn this on its head, but in the end, you cant know, the unknown, unknowns, until you know of course.
At this rate by the time Bitcoin hits its bottom, in say 1 year, the market will start pricing in his successor. The potential of a democrat will certainly not be bullish for Bitcoin.