Market

Is BTC entering the grand super cycle for BINANCE:BTCUSDT by V12bull

I have always been bullish with cryptocurrency, especially in BTC even though many will argue that it has not much of a usage apart from just transaction. But BTC has and will be the leader since it has garnered the most attention from the institutions and even countries like El Salvador.

Mores o, Citibank has come out with the current report on cryptocurrency, last being in 2014 stating the potential of the currency itself. Remember, wave 1 is always the time where it gets attention from the people. Many eager eyes from the insitutions and big players might have been accumulating the currency during the correction, namely Cathie Wood, JP Morgan etc….The usage of blockchain technology is spreading like wildfire.

I remember during the 2017 bullrun it was brought on by ICO and the crypto millionaire frenzy. But this time is different. The years long of development in the technology has successfully garnered the attention of many tech players and businesses. Players like VET has successfully penetrated the commercial world. You name a few coins and you will see businesses are beginning the use the service. It is becoming mainstream sooner or later.

It’s quite interesting to look at BTC chart in a longer time frame such a weekly or even monthly. What has really struck me was the bullishness of the currency itself. Be it weekly or monthly, it just shows the signs of bull. The uptrending in price between August 2020 till April 2021 might be just the 1st wave it has done. The correction until August might be the end of wave 2 which correlates with the falling to the support of 0.618.

if this holds true, the 3rd wave is just beginning to form. The third wave is where most people will catch on the rocket and is always the longest wave form. The third wave usually achieves 1.618, 2.618 or even 3.618 of the 1st wave. But bear in mind in each wave, there will be a smaller wave of correction. Meaning, the saying of hold and buy the dip still holds true. Since it’s long term bullish , traders just have to buy the dip and sell according to the resistance using fib and patterns in the chart (please correct me)

Whether should we compare to the price chart in 2013/14 or 2017/18 is not relevant to me because they are just reference.

Many people have been commenting about bubble. Yes, anything that is too hot will have to take some chiller. But not this time. I strongly believe as long as the currency has not gone mainstream and adopted by most companies, there bubble is still not yet to burst.

If BTC can achieve even half of the market cap of gold , then it might reach the height of 300k or even 500k. Mind you it’s the circulating supply that matters. We know that there are BTC that are missing forever due to certain reasons.

I am here to provide some perspective of the currency if anyone is still in doubt of the potential of cryptocurrency. Cryptocurrency is here to stay. I will not say it will bubble for the next few years. BTC might be having a bullrun for the longest period of time

I would appreciate if anyone can comment on the idea to give more perspective.

Most Related Links :
todayuknews Governmental News Finance News

Source link

Back to top button
Native News Post