March 9, 2023:
October 28, 2024:
If the cup and handle formation for gold at $1,832.60 equals the "next stop $2,700" (currently $2,754) then does the same pattern for Bitcoin equal $102,900 with a starting price at $70,000?
On November 11, 2022, when Bitcoin was at $16,799.19, we said:
“Our goal is to avoid committing resources to an investment at the respective high in price. In the case of Bitcoin, that goal has been achieved.”
“Bitcoin might be in your wheelhouse.”
This may be a staggering development after our November 11, 2022 posting. If Bitcoin were to replicate the move in gold the best we can expect is +47% in the most ideal scenario. Then as now, “declines of -50% or more are not unusual.”
See also: