Bitcoin was introduced by Satoshi Nakamoto 10 years ago today. From what I first believed to be nothing more than chuckie cheese tokens, soon transformed into a currency that bought pizzas, and then the technology behind this currency was embraced by the globe and will eventually transform the monetary systems and life as we know it today.
This is the internet of our generation, and I believe we are only getting started. I have held this chart close to me and constantly keep in mind and bring it up that I do not even know where this things will go. I first charted bitcoin on daily closes from the beginning and found multiple patterns that pointed to an astronomical price movement (so I thought) in 2017.
The price trend I started plotting weekly at the beginning of 2016 and I can honestly say I was one of the FIRST and FIRM believers that bitcoin was going to 10K+. I plotted 11,600ish and as you can see I undershot it. In January I said this trendline would 100% be tested again at some point and this is so important here.
Many last December were eithe rnew to crypto or didn’t believe crypto played by actual market rules. Well they have learned that it does for the entire 2018 year and now he we are at the decision point.
Does Bitcoin bounce at this trendline again and make the last bullish topping move of this cycle before it will likely be in a bear market for a very long time. Does this pattern repeat? And do we get a true euphoric blow off to 80K, 100K, 400K?
Or does bitcoin break this trendline and we have to wait for another 8-12months to set up another pattern and bitcoin test more lows into 5000, or 3000 or 1500?
Time will tell and we are getting VERY CLOSE….