Bitcoin Next Price Target $44,000
Bitcoin was the best performing asset of the last decade. However, unfortunately, due to the presence of “weak hands” in the crypto community, institutions and principal investors still tend to be more cautious when it comes to investing in bitcoin. They do not really understand how bitcoin is valued.
The value of bitcoin actually comes from the worthlessness of our current financial system. The current financial system is doomed to collapse.
The currencies of the world are pegged to the dollar and the dollar is not tied to anything.
As a result, there is really no limit to the amount of money that the Federal Reserve can print.
This is like robbing the people of their money. It reduces purchasing power of the money that was already in circulation and as a result, causes inflation.
Adding to this, a third party like a central bank has the actual control of your money.
So, in our current financial system, your money is not really yours.
Therefore, the system is bound to crash sooner or later.
The solution is something that has no inflation.
The answer is a peer-to-peer network without any third party. The answer is Bitcoin.
And once Bitcoin starts taking over as a currency, its value will rise tremendously.
That’s why it’s still one of the most undervalued assets of our time.
Bitcoin closed up 733.813 at 39,454.672. Volume was 84% below average (consolidating) and Bollinger Bands were 179% wider than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
Bitcoin is currently 157.5% above its 200-period moving average and is in an upward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect moderate flows of volume into Bitcoin (mildly bullish).
Our trend forecasting oscillators are currently bullish on Bitcoin and have had this outlook for the last 30 periods.
Overall, the bias in prices is: Upwards.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles.
During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 white candles.
Three white candles occurred in the last three days.
Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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