After a lackluster August and September, Bitcoin surged by roughly 30% in October. Bitcoin’s October spike pushed the cryptocurrency above two vital technical ranges that I discussed in August ($11,000 and $12,500), which is an indication of energy. The following most vital technical hurdle to interrupt is $14,000; if Bitcoin can break above that stage in a decisive method, there’s little or no significant resistance till the all-time excessive of roughly $20,000.
As I’ve been showing, a large wedge sample fashioned in Bitcoin over the previous a number of years that will point out a major transfer forward. Bitcoin broke out of the wedge sample in July, took a breather for a pair months, and is off to the races once more. A convincing break above $14,000 – which is a key psychological stage and marked the highs in 2019 – would give an extra bullish affirmation sign.
For the previous a number of years, I’ve been very optimistic concerning the outlook for Bitcoin and different safe-haven property like gold and silver. As a result of I had been accurately anticipating a serious economic crisis, I’ve favored safe-haven property over danger property similar to shares and actual property. I nonetheless imagine that these safe-havens will thrive within the years to come back as central banks proceed to flood the world with liquidity in an try to prop-up the debt-ridden world economic system.