I think Bitcoin needs to close above $12k on the weekly chart before it's time for lift off
We are getting really really close to a full fledged break out, but I don't think we are there just yet.
Technically we still have traded mostly between $12k and $10k for months and months now, and nothing has changed, yet.
However, if we get a break and close above that $12k resistance area on the weekly chart, I'd be one happy camper.
It looks like THE spot on the weekly:
(Source: ~~~ embed:1315632663487807488/photo/1) twitter metadata:aW5tb3J0YWxjcnlwdG98fGh0dHBzOi8vdHdpdHRlci5jb20vaW5tb3J0YWxjcnlwdG8vc3RhdHVzLzEzMTU2MzI2NjM0ODc4MDc0ODgvcGhvdG8vMSl8 ~~~
Either way, I think it's only a matter of time before we do.
We have higher lows and the price is looking up.
My guess is we continue to stay below it until we get more stimulus.
That will either happen before the election or after it, but either way it's coming.
Which means bitcoin breaks out soon either way.
Hope your bags are packed!
Posted Using LeoFinance Beta
I doubt the stimulus will weigh that much on BTC price appreciation and breaking the $12,000 barrel. Most of the people getting it haven't probably even heard of BTC. My take is that financial institutions are finally realizing that it is indeed worth investing in BTC and won't stay on the sidelines any longer. If BTC repeats its cycles and its short history than we're supposed to have fun beginning by the end of the year or as of 2021, and new ATHs will probably come in the fall of 2021. That's how I see it.
It's a combination for sure. But any time the dollar weakens bitcoin goes up and with more stimulus the dollar will weaken.
totally right, it's printed money and the more they print the less value it has. I wonder if this crisis and the inflation around it hasn't been intentionally created just to switch to the new money, the digital you know. Otherwise people would probably not embrace it and wouldn't have any incentive to learn about and accept it. I know, sometimes I'm too much into conspiracies 😀