What Comes Next For Bitcoin?

what-comes-next-for-bitcoin?

After a lackluster August and September, Bitcoin surged approximately 30% in October. Bitcoin’s October spike pushed the cryptocurrency above two important technical levels that I discussed in August ($11,000 and $12,500), which is a sign of strength. The next most important technical hurdle to break is $14,000; if Bitcoin can break above that level in a decisive manner, there is very little meaningful resistance until the all-time high of approximately $20,000.

Bitcoin daily chart

Bitcoin daily chart


Finviz.com

As I’ve been showing, a massive wedge pattern formed in Bitcoin over the past several years that may indicate a significant move ahead. Bitcoin broke out of the wedge pattern in July, took a breather for a couple months, and is off to the races again. A convincing break above $14,000 – which is a key psychological level and marked the highs in 2019 – would give an additional bullish confirmation signal.

Bitcoin weekly chart

Bitcoin weekly chart


Finviz.com

For the past several years, I’ve been very optimistic about the outlook for Bitcoin and other safe-haven assets like gold and silver. Because I had been correctly expecting a serious economic crisis, I have favored safe-haven assets over risk assets such as stocks and real estate. I still believe that these safe-havens will thrive in the years to come as central banks continue to flood the world with liquidity in an attempt to prop-up the debt-ridden global economy.

Please add me on Twitter and LinkedIn to follow my updates and economic commentary.

Leave a Reply

Your email address will not be published.

sloppy-gdp-analysis-understates-risk-of-the-recession-continuing

Sloppy GDP Analysis Understates Risk Of The Recession Continuing

nba-exec:-sacramento-kings-‘not-yet-shopping’-disgruntled-buddy-hield

NBA Exec: Sacramento Kings ‘Not Yet Shopping’ Disgruntled Buddy Hield