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Seeking Alpha 2024-07-16 15:54:07

Bitcoin May Now Be Starting Its Next Bull Run To $100K And Beyond

Bitcoin May Now Be Starting Its Next Bull Run To $100K And Beyond

Summary Bitcoin appears to have bottomed after testing its 200-day Simple Moving Average, positioning it for a large rally. Short term resistance at $60k has been surpassed, with the next level at 65k. Monthly chart projections suggest a potential rally to $300k. Bitcoin continues to evolve as a new form of value storage. As anticipated by my last article , Bitcoin ( BTC-USD ) appears to have bottomed after testing its 200-day Simple Moving Average in much the same way as it did in September, leading to a large rally. TheBullBear.com, TradingView Short-term resistance in the 60k area has been taken out rather easily: TheBullBear.com, TradingView The next level of resistance is $65k. Sentiment continues to be relatively bearish... alternative.me ...with plenty of room to run before it becomes overly bullish on a historical basis... alternative.me, Crypto Fear-Greed Index Looking at the monthly chart, we can see that the figure of $100k is nothing more than psychological. There's no reason why that has to be a significant stopping point for the coming rally. A better projection is to $300k: TheBullBear.com, TradingView If you look left, you can see that after a similar corrective period, Bitcoin rallied 430% in 6 months to its current levels (and then corrected). A similar 6-month rally to the top of the pink channel would take it 365% higher to the area around $300k. This would complete a 5 wave bullish impulse move and set up another correction. At that point, monthly RSI would be into its upper resistance band. As the global economy transitions from Debt Monetarism into Intelligence Economics, new forms of value storage and transmission will be required to channel flows of value across the new economy. Bitcoin is V.1 of that new form of "money". There will be others. Now is a good time to start keeping our eyes out for the emergence of the new class of V.2 currency so we can get in on the ground floor. Please also see: Bitcoin: Bottoming Or Breaking? Intelligence Economics: The Future Of Value Creation In The Era Of Technological Intelligence

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