June 22, 2021

Viewpoint: Long-Term Bitcoin Chart Shows How Far Away The Top Could Be

2 min read

Bitcoin cost charts are an amazing sight to behold. Previous market cycles that utilized to look like bubbles that popped and died, eventually are eclipsed by the next significant crypto uptrend. Another such circumstances is well in progress, however when zooming out, the point of view reveals just how far-off the peak of this existing cycle extremely well could be from here.

Bullish Bitcoin Bubble Is Nowhere Near Popping, Past Cycles Show

Bitcoin obtains its value from a variety of elements, significantly its hard-coded digital deficiency, and its underlying decentralized network. The two elements of the cryptocurrency work in tandem in such a way that produces boom and bust cycles, drawing increasingly more users into that network.

RELATED READING|BITCOIN TREND STRENGTH MORE POWERFUL THAN 2017, ONLY JUST BEGINNING

The cryptocurrency was created to every 4 years minimize its freshly minted supply by half, triggering a rapid rate increase as need increases beyond BTC reserves on exchanges. Awareness of this cycle has made each following cycle significantly extreme, as those invested hold strong till costs are simply too great to miss.

The very first major cycle took Bitcoin to $1,200, and the second was almost twenty times that at $20,000. Bitcoin is currently trading near $50,000 and while that may appear high and as if the cost level might potentially pose as a peak, when zooming out, the uptrend isn’t even close to its climax.

bitcoin long term chart

 THIS LONG-TERM TAKE ON BITCOIN CYCLES SAYS THE TOP IS FAR AWAY STILL|SOURCE: BTCUSD ON TRADINGVIEW.COM

Long-Term Look Shows Cryptocurrency Has Much More Room To Grow

According to a long-lasting take a look at Bitcoin, connecting the two previous peaks and bottoms outlines a clear bullish channel that cost action is zig-zagging backward and forward between. If a comparable trajectory is followed to the top of the channel as previous peaks, the high of this cycle might wind up around $300,000 per BTC.

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The aforementioned deficiency, combined with extraordinary fiat devaluation, and institutions racing to move capital to where growth is, has pressed the price per BTC up quickly in recent weeks. However given the success of the digital gold narrative, and a $10 trillion market cap waiting to be tapped, the rates forecasted aren’t at all unrealistic.

Surprisingly, the existing debt consolidation level might ultimately associate the bottom of the channel, and act as the next bearishness bottom. However long before that day ever arrives, Bitcoin will touch the top of the channel– it’s just a matter of when.

INCLUDED IMAGE FROM DEPOSIT PHOTOS, CHARTS FROM TRADINGVIEW.COM