Bitcoin’s (BTC) bullish momentum continues relentlessly. Our Bitcoin price forecast of 25k seems underway: a 3-fold rise is not a big thing for cryptocurrencies, because BTC already rose 2.5x since it it bottomed 6 months ago. Fundamentally, our cryptocurrency predictions have proven to be right. Consequently, bullish predictions like our XRP forecast (XRP) will materialize over time. That’s the long term. But, shorter term, what’s next for Bitcoin?
First of all, let’s make one thing clear: this is the start of a new bull market. Our price target of $25k will not materialize in the next 6 months. The reasoning that it went up 3-fold in the last 6 months may lead to another 3-fold rise in the next 6 months is not valid. That’s because this may happen at the END of a bull market. It does not happen at the START of a new bull market.
As per our 50 cryptocurrency investing tips it is important to minimize the number of trades:
Cryptocurrencies are highly volatile. They require a trading approach as per the ‘less is more‘ principle. Trading less will result in significantly higher profits provided timing a trade is accurate.
So being patient is important, not only during the downturn but also during an uptrend.
The $25k target is far away. Near term, what is likely to happen?
Before answering this question we want to re-iterate what we have said to our premium cryptocurrency investing members in our research service: short term price forecasting is a fool’s game. We do not pretend to be able to forecast in the short term (which is days, weeks, even a few months out). Anyone pretending being able to do so is lying, so be extremely careful.
We need the daily price chart to understand what may be next for Bitcoin. Note: we are not forecasting short term price, we are trying to forecast a medium term trend. Big difference.
The most likely path according to below chart with our own annotations is a sideways pattern in the $6k to $12k range. The light green range is the one that we expect to be dominant in the next 6 months.
Wild price swings may be expected, so anyone who did not take our February forecast seriously ( Cryptocurrency Alert: The Crypto Winter Has Ended ) may be looking at the bottom of this range to still go long.
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