Bitcoin Price Will Top Out At $73,200 in 2021, Claims Analyst
Mr. Masters’s analysis appeared as Bitcoin achieved yet another record high degree this week at $29,321.
Correction and Continuation
Who is Buying Bitcoin?
Bitcoin monthly installment using the TD Sequential index. Source: BTCUSD on TradingView.com
Released at Thu, 31 Dec 2020 08:37:15 +0000
Bitcoin has enough fuel to continue its bull run until its price hits $73,000 next year, as per chartist Alan Masters.
The charts put forth by Mr. Experts revealed Bitcoin in a repetitive upside down pattern. For instance, the weekly one highlighted the cryptocurrency’s tendency to correct lower after printing the eighth or ninth candle as part of its TD Sequence. In doing so, it tested its 21-period moving average as support. Afterwards, the price continued its course to the upside.
“When we look at the volume index, we can see that there is clearly room for a lot more,” added Mr. Masters. “The real bullish activity is yet to begin.”
The first such instance happened in late May 2020, followed by breeding in August and November. Meanwhile, on the monthly charts, the pattern was visible all over the place. It published its seventh TD Sequential candle in December 2020, pointing to a bullish continuation until January or February 2021.
Institutions, family offices, and corporations entered the Bitcoin marketplace to promise that the cryptocurrency would secure their portfolios and reserves against a falling US dollar. Since mid-March, the US dollar index dropped more than 12 percent of its value. Its fall occurred as the Federal Reserve chose to provide as much monetary stimulus as needed for the US economy.
The core reason behind Bitcoin’s relentless bull run is a fear of inflation. Bitcoin bulls have long dictated the cryptocurrency as a safe-haven against fiat depreciation, mentioning its verifiable scarcity as one major influence. Earlier ignored, the storyline eventually chose momentum against the backdrop of the coronavirus pandemic.
The independent investment adviser shared his bullish outlook for the flagship cryptocurrency after studying its longer-timeframe charts. He noted that BTC/USD monthly charts published TD Sequential signals since November 2016, resulting in bullish rallies every time.
“Bitcoin is obviously having a parabolic run and there are no signs of it stopping,” the analyst stressed.
TD Sequence and 21-EMA setup on Bitcoin’s weekly interval. Source: BTCUSD on TradingView.com
Subsequently, that lifted the government bonds’ investment appeal, together with the yields on short-term notes falling to below zero and the long-dated ones under 1 percent. That is lower than the inflation rate, which means investors got meagerly by holding bonds and cash.
“The fiat printing will go on its bull run in 2021 and beyond, which is a [powerful] bullish signal for Bitcoinand the entire cryptocurrency markets,” asserted Mr. Masters.
On weekly timeframes since March 2020, each of those TD Sequential cycle–wherein the asset prints eight or nine consecutive candles before in precisely the same direction before altering its course–led the BTC/USD exchange rates higher. Mr. Masters called the technical index a”real deal,” indicating that its historical accuracy could at least push the set towards $44,000-46,000.