Bitcoin is going to 17K in the next couple of weeks.
Why?
1) For every major top that we've had, Bitcoins price has either been cut in half or been close to being cut in half (i.e 3,000 down to 1,800 and 5,000 down to 3,000) . We've reached 20,000 (top) and its already been cut in half (plus more), so there has been PLENTY of retracement for price to continue moving forward and upwards back to previous highs and beyond.
2) Look at the RSI for a daily chart. The RSI already went below 30 and moved significantly out of oversold territory. Hypothetically, If bitcoin went down to 5,000 or below, it would have to go back down into the oversold territory. If you look at the history of bitcoin, this almost never happens. Once it goes into oversold territory and gets out, it's next stop is to the overbought territory (70+), which we still haven't reached.
If you want to follow the fools that think BTC is going down to $5,000 or even $2,000 because of some Elliot wave theory (which clearly already had its 5th leg, though fools think we haven't had it yet), BE MY GUEST.
Just know that there will be some people, like myself, that are reserving first class tickets to the moon!
Why?
1) For every major top that we've had, Bitcoins price has either been cut in half or been close to being cut in half (i.e 3,000 down to 1,800 and 5,000 down to 3,000) . We've reached 20,000 (top) and its already been cut in half (plus more), so there has been PLENTY of retracement for price to continue moving forward and upwards back to previous highs and beyond.
2) Look at the RSI for a daily chart. The RSI already went below 30 and moved significantly out of oversold territory. Hypothetically, If bitcoin went down to 5,000 or below, it would have to go back down into the oversold territory. If you look at the history of bitcoin, this almost never happens. Once it goes into oversold territory and gets out, it's next stop is to the overbought territory (70+), which we still haven't reached.
If you want to follow the fools that think BTC is going down to $5,000 or even $2,000 because of some Elliot wave theory (which clearly already had its 5th leg, though fools think we haven't had it yet), BE MY GUEST.
Just know that there will be some people, like myself, that are reserving first class tickets to the moon!