Bitcoin ETF to skyrocket the market to $38000 as Gold did?This chart displays the similarities on the trading patterns of the historical price of Gold before and after its ETF approval to Bitcoin's historical price in anticipation for its ETF approval decision.
On March 28, 2003, the first Gold-backed ETF was introduced. The result was a +460% rise on Gold's price that reached $1920.80 on September 2011. Gold's pattern prior to the ETF launch looks very much like Bitcoin's current chart after its all time high near $20000. We see the same volatility runs as gold had in the 1980s. Both had a sharp decline of 65-70% following their all time highs. A key parameter to consider of course, is that Gold’s transition took place within a 20-year cycle, while Bitcoin's occurred within a year, with this fast pace attributed to demand and supply. The similarities are indeed impressive.
Assuming that Bitcoin's ETF is approved, market psychology may suggest that a similar pattern will be followed. This is translated into roughly $38000 in late 2019 (532% increase since February's lows).
It should be mentioned of course that we are talking about different market sizes. The value of all the Gold that's ever been mined exceeds $8 trillion. The value of all the Bitcoins that have ever been mined is $76 billion. This may indicate however Bitcoin's upside potential.
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Bitcoinetf
Bitcoin, Price prediction with Plan A and Plan BHello, dear followers, as we can see price found support at 6890 level which located at the top of Accumulation Support Levels *6800-6340*.
The Support level at 6890 is also come with MA50 Daily support:
So for Plan A we should use this level as Stop Loss for Long Entry. Targets are above 7280 and maybe with optimistic 7460.
Plan B will be activated as if 6800 level breakdown, so it will mean that we a going to lowest support level at 6300 and break the Red trend line.
Be sure you follow capital management and be prepared that could happen anything.
From Fundamentals we still pending ETF, so price will probably move nervous and in speculative character until decision are come.
Altcoins near good supports, but yet no trend reversal, so be careful before trade them.
Good luck, support the analysis with comments and press Like:)
Bitcoin Shows Symmetrical triangle, more dips comingHello, On 3h TF we can see symmetrical triangle, there is 50% chance to go up or down, so Key levels on breakout displayed with arrows:
DIP: 7130
TOP: 7790
Actually dip of 7130 meets with 0.5 Fibonacci retracement, so I am 70% sure that we are going to this level. But this is trading, so everything can happened.
Be careful and good luck
Beautiful Bull Flag for Cardano ADA breaking out July 22ndGorgeous full flag forming for most coins including Cardano and BTC. I'm focusing on Cardano and Stellar being my top 2 of the Coinbase 5 team.
For Cardano I'm dollar cost averaging my way down to 16 cents. We should see a slight pull back before beginning wave 5 according to this bull flag in progress.
I am feeling very confident on this move because how symmetrical the flag is.
ETA would be 6am PST for starting of the move with confirmation at 2pm PST.
Best of luck traders!
*** This is not financial advice, merely showing my trades for educational purposes. Do you OWN research ***
Bitcoin ETFWe can expect Bitcoin to reach $80K if the ETF is approved. Gold had a bubble and crash at around 1980, which looks similar to Bitcoin's 2017/2018 crash. However, after gold's crash of 1980, the price had an increase of 300% from the ATH in 1980. Applying this logic to Bitcoin, we can expect an increase to about $80K if we take its current ATH of just under $20K into account. I would not hold any altcoins if this is to occur as their value in Bitcoin will probably crash.
GBTC: Barry Silbert's ETFs are not acting wellJust a heads up, Mr Silbert's ETFs aren't doing well, and examining the holdings, each share represents only a fraction of a Bitcoin, and are currently trading at a big premium, so, better own coins directly, and leave the ETF alone. It can fall or lag Bitcoin's performance, based on this fact, and it's trading very thinly.
And, about ETC, I recently took a technical trade, but it looks like it is set to underperform BTC and ETH now, so I reccomend to stand aside from it.
This is a good summary of my thoughts about it too: www.huffingtonpost.com
Good luck,
Ivan Labrie.