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Since Bitcoin hit a high of nearly $12,000 in August, it has experienced a sharp decline in the past period of time. At the time of writing, the token is trading at $10,700, which is nearly $2,000 lower than the year-to-date high.
A trader shared a chart showing that Bitcoin is likely to enter the next phase of growth , so analysts are still optimistic about the long-term price outlook of BTC.
Although Bitcoin’s recent price movements indicate that the cryptocurrency is in a downturn, the long-term trend of the cryptocurrency is still positive .
A cryptocurrency trader shared the chart below on September 14. It shows that despite the recent correction of $2,000 in BTC, the token is still in the breakthrough phase of the reverse head and shoulders pattern . The head and shoulders model is known as a textbook bearish pattern, but the opposite is usually seen before prices increase.
This simple analysis shows that as long as Bitcoin keeps the reverse head and shoulders “opening” at around $10,000, it may push up to $15,000 or even higher.
Obtain the $15,000 goal by observing the height of the “head” in the model and extrapolating it to the top.
There are some fundamentals that confirm the view that Bitcoin is at the beginning of a long-term bull trend.
As a member of DTAP Capital and GoldBullion, Dan Tapiero recently pointed out that Bitcoin is likely to be driven by the monetary stimulus stimulated by the current commercial real estate crisis .
He said, “Because of the existence of the new crown virus, the entire asset class was redefined almost overnight. The total value of US commercial real estate is $16 trillion. Now it has entered the biggest bear market since the late 1980s and even appeared. A 50% price drop means a loss of more than 8 trillion US dollars, which has caused a drag on the main economy and has a huge chain reaction. Therefore, the current interest rate remains at 0, and gold and BTC are worthy of attention .”
RaoulPal, one of Tapiero’s colleagues, said that Bitcoin’s performance outperformed the sum of G4 central bank balance sheets, indicating its long-term trend .
“My belief in Bitcoin is increasing every day, and I have helped it grow somewhat irresponsibly. And I now think that (Bitcoin) can be used as a long-term asset allocation, and it is not even worth owning any other assets . It’s another matter.”
Pal believes that in this market cycle, the value of Bitcoin exceeds $100,000.
The original text comes from bitcoinist, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.