Bitcoin has broken out decisively, striking a new all-time high again. We are getting ready for what could be a tremendous run for Bitcoin over a couple of weeks with a price target of $84,000 before we get any corrections. This is also supported by a lot of bullish news we have had this morning alone. February has been a crazy month for Bitcoin and cryptocurrency.
Bitcoin has broken out of its ascending triangle and has done that on a perfect volume on the daily chart. $49,200 was an excellent opportunity to get long trades for Bitcoin.
The implied breakout target for Bitcoin here is $54,000. It will be acceptable to see Bitcoin hit $54,000, come back down, and flip $50,000, turning it from resistance to support before it blasts off into higher prices. If this happens, it will be a strong move for Bitcoin and be an excellent opportunity to invest. But with how bullish this marker is now, it won't be a surprise if the price of Bitcoin continues to go up before we see any correction.
Bitcoin could hit $84,000 by April; looking at the 2017 chart, on average, we saw Bitcoin take about 30 days to move up by an average of about 100%, we have 61% being the lowest move and 152% on the upper side in terms of the most significant moves up. This is measured from when Bitcoin breaks its previous all-time high, goes through its correction phase, accumulation phase, and then makes a new high after that correction finishes.
So if this historical model has any form of applicability to the way that Bitcoin behaves, then what does it mean for Bitcoin?
It took Bitcoin 23 days to gain 110% after breaking a previous all-time high; it is honestly not that far off from our 2017 models.
The impulse up to $42,000 from $20,000 is like the first wave of crucial price discovery for Bitcoin. If this model holds even vaguely to this historical pattern, then we could see Bitcoin reaching a price of $84,000 on the 8th of March.
$84,000 is just a 60% increase for Bitcoin and is not that insane, especially if you consider the falling supply on exchanges, the increasing demand, and the bullish fundamentals. Although this wave might not be as strong as we expect, it might be a weaker one where we might get to $67,000 before blasting off.
