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FORWARD: I originally uploaded this to Steemit on March 3rd, 2019 before publishing it to ChrisRice.xyz on March 20th, and I am now publishing it on ChrisRice.blog, my new Steem-based website.
Bitcoin technically entered a Bear Market in February of 2018 after dropping over 20% from it's All-Time High of around $20,000 USD (two months after the initial drop in price), but the overall trend spanning since 2010 may be bullish and might have remained bullish overall this entire time with the recent Bear Market being nothing more than an overly long correction before Bitcoin continues it's overall Bullish and upward trend toward $20,000 USD again and possibly higher.
If that is the case, the overall upward trend in Bitcoin might continue soon, and could cause the price of Steem to increase too (maybe even surge).
Furthermore, if the price of Bitcoin goes above the upper red line on that graph, it might be confirming this theory and could lead to a commencement in Bitcoin's current (or prior) uptrend. It might also lead to a surge in volume.
So the good times for Steemians may be near and right around the corner. This would be especially true for those of us with a stake (i.e. @gadrian).
If you found this insight newsworthy, please Resteem, Upvote & Share this post. Some of my previous forecasts include predicting that Steem would fall to $0.25 cents before it did, based on a Head & Shoulders chart pattern, and predicting the possibility that Bitcoin could also crash.
In the case of this possible forecast, the chart is showing a Falling Wedge which could indicate that the prior and current overall trend is still up, with the commencement of the uptrend right around the corner and possibly at the door.
Nothing is guaranteed though. This isn't financial or profession advice of any kind. It is only an idea and a possibility, not necessarily true but time will tell.
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Nice chart and reminder of the long-term trend Chris!
I'm also quite sure bitcoin will go up soon. There is also the halvening event from May next year that will trigger the likely price surge. But we will see if it will be a surge or a milder increase on a medium term.
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Yeah, that's true @gadrian 🙂
I still remember when I initially posted this in March of this year. It was one of my semi-accurate forecasts but for some reason, Steem failed to keep up with Bitcoin.