I have stated a target for Bitcoin over the next year or two as $25,000. I’d like to backpedal on this and change that to around $35,000, not because I have faith in Bitcoin (far from it!) but simply because the chart has clarified lately. Given the fact we’re in the $70,000s right now, this adjustment matters just about zilch.
Yesterday I went long BITI in order to take advantage of Bitcoin’s projected drop. This investment has worked out well over the long course of its one-day tenure.
Bitcoin itself seems to have bonked its head against the dashed blue line I’ve drawn. I feared it might go as high as $81,000, but it seems to have exhausted itself instead at about $76,000.
Based on this updated chart, the measured move would be about $35,000, which is roughly represented by the tinted blue zone.
I’ve got a tight stop on BITI, so – – fingers crossed!
