The price of Bitcoin (BTC) experienced an amazing run in 2019. Fundamentally, our cryptocurrency predictions were spot-on, and as per our Bitcoin forecast BTC is moving to $25k. This target may not be achieved in 2019 but one or two years later. And that’s absolutely fine because crypto is THE investing opportunity of our generation! But shorter term will BTC continue to be bullish in 2019? We look at the long term Bitcoin chart for some short term conclusions.
One thing must be clear before we continue with our assessment. We do not intend, and will never (again), attempt to do any short term forecast. We firmly believe this is a fool’s game. People selling short term forecasts are just there to sell.
Short term forecasting is an impossibility, and only based on luck.
Forecasting happens based on chart patterns, fundamental trends and intermarket trends. Those trends need months, sometimes years, to complete, before they can result in the emergence of a new trend.
That said, if we turn our attention to the crypto market, we look at Bitcoin as our leading indicator. We believe we have to look at Bitcoin’s 6 year chart to get an idea of what 2019 might bring.
One thing that absolutely attracts our attention is the phenomenally bullish setup that was created after Bitcoin’s recent 4 month rally. This confirms to us the emergence of the new bull market, bull market #3 to be more precise!
We find many charts on the web all looking at Bitcoin with hundreds of different conclusions: from Bitcoin’s last fake rally before it moves to zero to Bitcoin predictions of +100k USD.
Run for the hills, is the advice we gave to our premium crypto subscribers in a separate crypto alert last week. We gave 5 specific tips of how to recognize when a Bitcoin chart is useless. This crypto alert is available for existing crypto subscribers (you too can get access by signing up here).
Regardless, what we see as a chart pattern is an uptrend. However, the rally was pretty aggressive and likely not sustainable. We believe as said last week in Bitcoin Price: What’s Next in 2019? that Bitcoin will move in a range. It will have a bullish bias, but will not be non-stop bullish because this is the start of a new trend (outrageous bullish behavior only occurs at the end of a bull market).
We recommend followers not to try to forecast the Bitcoin price, but create an entry approach with several entry points. In today’s crypto alert we share much more detailed insights on how this might work. Subscribe here to get access to this crypto alert.