- June 22, 2019
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
The Bitcoin – Gold road-map (the Golden standard as many call it) holds firm! Their parallel course continues but traders continue to turn their back on it. Why ignore the BTC-Gold comparison when it has been 100% accurate so far?
First it predicted the market bottom and the subsequent early buy signal based on it when the price was still at $3500.
Then once the Golden Cross took place it clearly signaled the start of the new bull market. BTC was trading at $5300 then, half the price we reached today. It was still early.
I hope that the pattern is clear to everyone. And yes it is still early!
Just notice the similarities and the obvious fractals (eclipse shapes):
* The rise from the bear cycle bottom to the Golden Cross was +61% on Gold and 58% on Bitcoin.
* The rise from the Golden Cross to the next High was +72% on Gold and +65% on Bitcoin.
* The rise from the fractal’s Low to the next High was +89% on Gold and since it is obvious that Bitcoin’s rises are marginally weaker I calculate that BTC’s next High will be at +81%.
This places a target on the price at $12700. It is obvious that not only this bullish leg is far from over but also the potential of the current bull market. Still on its early stages, still not late to join the party. Buying every pull back (the deeper, the better) is still my strategy.
Keep also in mind that as it appears, getting greedy on break outs is/was not a bad thing after all!
But as usually I am more interested in have you have to say. Do you think that Bitcoin is just following Gold’s pattern by luck? Do people who ignore it make a big mistake? Let me know in the comments section!