The 50 day moving average has fallen below the 200 day moving average in the Bitcoin chart. Last time this so called death cross happened after a major peak was in February 2018. What followed was 14 months of anguish before the price again started to move up. The 50 day moving average got back above the 200 day moving average in April 2019, a so called golden cross. After another year of sideways motion, we entered the strong up move that started in April 2020 and ended early this year, as seen in this 4 year chart.
Sceptical to Bitcoin, I thought the death cross of 2018 was the end of it. Not in my wildest fantasies did I imagine it to go to $60,000 in 2021 after first hitting $3,000 in 2019. However, if we see the same relative moves this time, we'll see Bitcoin go to $9,000 in a year from now, only to hit $180,000 in 2025.
But things never repeat in this predictable fashion. This time around, I think we really have seen the end of Bitcoin. While we're likely to see a substantial bounce off of the nine to ten thousand level, it would be truly astonishing to see Bitcoin ever again above $60,000. There simply isn't the required enthusiasm for Bitcoin to make this happen. Other tokens are stealing Bitcoin's thunder. Bitcoin is already dated. By 2025, it will be old and seen as hopelessly outdated.
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