BITCOIN Still On The Hunt For Fair Market Price -- Maybe $2,975?
Is there a current fair price for Bitcoin? I'm not talking about a current market value. I'm talking about the point at which the community would ultimately race in and purchase. For example, if BTC hit $100, would everyone rush in to buy? Almost certainly everyone would likely rush in and take out second mortgages. However, what if prices continued to slide and slowly got down to that level?
Now, I'm not making any sort of claim or prediction about the prices getting there (although I do think that very long term, BTC will in fact fail), but I'm talking about fair prices for things. Most of these cryptos are at prices that they saw prior to the main crypto rally and boom. Many cryptos have pulled back up to 25-30x the values of the high. Bitcoin itself has pulled back about 6, so there's a good reason to believe we could keep going? If that's the case, I am super excited for how cheap some of these other cryptos will get! Typically, we see prices get to levels they were at prior to the move. For example, Bitcoin went up to $1,200 in the BTC boom in 2013. The prices recovered to that level a few years after and the cycle started again.
Now, if we analyze that move from 2013, btc pulled back the same 6 times that we're seeing now. It hit a low just under $200, and bounced back.
Support on that cycle was found as we expected...along the resistance from the previous bounce earlier in 2013 during the Cyprus crisis.
Coincidentally, that support also correlated with the weekly RSI being into the oversold level at around 27-28. Right now, we're in the upper 29's, so it's not a perfect repeat yet.
One thing that's been very different though is that we had a lot of late and drawn out support at the $6,000 level. Since we had this, I'm not sure what potential level there's likelihood of getting down to. The markets to move in correlation with sentiment. The sentiment on the first move wasn't as drastic as this rally we just saw. So, that same sentiment will also push the market down to positions of greater size.
Right now, we have a big support at $2,975. Below that is $1,800 and $1,360. Basically, I'm still looking at one of these to be the level which I'm targeting as being a much longer entry point.
Thanks for posting , good stuff
thank you much!! happy hump day.
I'm glad you are writing more detailed report compared to other analysts on STEEM. $1,800 and $1,360 is my favorite because i honestly don't think prices would fall much further. what I'm seeing these days is products with utility gaining more traction. In Venezuela KFC will be accepting Dash. There are many EOS apps that are doing millions of dollars worth transactions. That's real world usage. These things will give a real boost to the prices eventually.
Yea, that's what basically did it on the last bounce. We found stabilization and then news started getting out about more things taking BTC, it being used for more, more potential big money coming in, etc...then prices went up and that put it in the news more and then greed and new money came in and yadda yadda. I think BTC will likely test $1,800 to $1,200 in that range....it will stabilize somewhere in there and then we will start the cycle all over. News of BTC being accepted and other crypto happiness, prices will go up, that will make more buyers and push prices up, people claiming crypto isn't another bubble, money drives in, we go parabolic and crash again. BTC to $100k this time? lol. No idea....
What's happening with btc,i am afraid.
Funny how you only up vote ALL of your own comments, but not anyone else's actual content. You clearly don't understand how this site works.