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As amazing as it sounds InvestingHaven sees a potential bitcoin price forecast of more than 100,000 USD and up to 160,000 USD which could be achieved in the next year or two.
If anything the research team at InvestingHaven always remains neutral and unbiased. That is why we have a success rate of +80% in our forecasts (we missed just 3 forecasts this year out of more than 20). Our bitcoin price forecast of early this year got hit a couple of months after publishing it, we were astonished and things moved very fast afterwards … so fast that we were hardly able to publish our next bitcoin price forecast.
With this in mind we can confirm our bitcoin price forecast of 160,000 USD sounds amazing. Still, the chart suggests that this is a normal price target, certainly not an optimistic scenario.
How can such a bitcoin price forecast be realistic?
Readers will undoubtedly challenge us with a bitcoin price forecast which is 10x higher than current prices knowing that bitcoin has already gone up 30x over the last 24 months.
We will answer that question in a second.
Before doing so we want to highlight how most readers think, as opposed to how our research team thinks.
Most readers are focused on news articles in traditional financial media. Financial media are full of both super bullish and super bearish reports, day in day out. There is a strong love vs. hate relationship with bitcoin. The ones who love it have mostly either fundamental reasons to love it (think of the decentralized aspect of digital currency as opposed to fiat money which is managed by central banks) or they love it because they bought bitcoins at much lower prices (making it probably their best invesment ever). The most extreme situations are found in stories like “this story” which shows that people have mortgaged their houses in order to acquire bitcoins. Or what about going long bitcoin was you read that hedge funds are keen on shorting massively bitcoin futures.
So how confusing can it be to make a decision: do you buy bitcoin after such an amazing run up. Watch this bitcoin price chart to confuse yourself even more. Ask yourself: is this an asset to buy?
At InvestingHaven we pride ourselves on focusing on the data points that * really * matter. On the one hand those are charts, in the right format. On the other hand those are that extremely small number of fundamental or news items (say 1%) that have any meaningful value for future price.
Bitcoin price forecast: the chart that really matters
The only right chart to consult for a bitcoin price forecast is the monthly chart shown below.
The first three green bars which are highlighted in purple propelled the price of bitcoin almost 600x during the first quarter of 2013. This amazing price rise got followed by six months of high volatility consolidation before the top was reached in November 2013. Subsequently, bitcoin’s price took 3 years and 4 months to build a rounding bottom in which prices finally broke up of the major cup resistance. It resulted in another astronomical move.
Now, by means of pattern recognition knowing that the December 2017 candle is not complete yet (at the time of writing), if history does repeat, the price of bitcoin could result in a blow-off top in the next 1 to 2 months and a subsequent consolidation of 3 to 6 months.
We expect that the next rise will reach the top of the rising channel which is clearly visible on below chart.
As unrealistic as the target of more than 100,000 is USD we keep an open mind that bitcoin’s ongoing frenzy will continue and lead its price to this 160,000 USD price target.
At the time of writing the price of bitcoin is retracing to the 4-hourly channel support of 15,500 to 16,000.
If bitcoin’s price finds a strong support in this area there is a potential of hitting +20,000 before the next point of resistance is hit. However, should the channel support fail badly we see two important levels at ~15,000 and ~13,500.
Be sure you do your own due diligence before you make the decision to trade bitcoin.
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