Where Bitcoin Goes Next, Possibility 2: There Will Be Blood
Princess Gwen here, with a second look at the next possible move for Bitcoin. This princess hasn't met any old crones with good advice, so she must find her own path to good fortune.
If anyone remembers back this far, Bitcoin was at $1,000 two years ago. A full Fib retracement would bring it back down to $1,000. However, back then the total market cap for all coins was under 20 Billion. Bitcoin represents half of the current crypto market cap, so if it dropped back to $1,000, it would take about $60 Billion off the table with it. The number of holders of Bitcoin has increased by quite a lot since then, and I wonder where buying interest would come back in.
A full retracement is completely possible, especially after a breakdown through long-term resistance. However, the .78 is a good place to stop, too. Further breakdown seems unlikely, but it's still on the table.
If anyone remembers back this far, Bitcoin was at $1,000 two years ago. A full Fib retracement would bring it back down to $1,000. However, back then the total market cap for all coins was under 20 Billion. Bitcoin represents half of the current crypto market cap, so if it dropped back to $1,000, it would take about $60 Billion off the table with it. The number of holders of Bitcoin has increased by quite a lot since then, and I wonder where buying interest would come back in.
A full retracement is completely possible, especially after a breakdown through long-term resistance. However, the .78 is a good place to stop, too. Further breakdown seems unlikely, but it's still on the table.
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