As the year moves to a close it is safe to say that we will NOT be hitting $100K as many had predicted… But we did hit $69K this year… nice… What can we expect now? Here is our analysis. As of the time of this writing BTC is just shy of $52K. This is a likely spot where we will see a bit of resistance. We still feel confident in our original analysis that Bitcoin will keep swinging from $53K to $43K and any breakout to the up or downside would be a significant signal in the momentum of that direction. If we fall from $53K and we quickly absorb that loss and push back above $51K we may very well be looking at some bullish news for the new year. Here is what we want to keep an eye on.
A tightening in the $51K region over the next few days will likely signal a strong break through $53K. If BTC is rejected over the next 24 hours we will keep doing this $10K range swing. If we break and stay below $50K we are likely to have new support in the $45K area for new years. Our worst case scenario would be an all out sell off (2018 style)… Now while this may be a worst case scenario for the average day trader or recent buyers this is actually something you and I ought to be praying for. There really isn’t anything wrong with a crash in BTC. It’s kind of a normal occurrence every few years. If you are like me, you will be ready to go all in if that does happen. Fortune favors the bold. If this happens it will be scary for a lot of people but it is the best time to buy when everyone is fearful. BTC is not going to zero, have no fear of that.