Bitcoin (BTC) To Reach $116,000 By End Of 2018

Bitcoin (BTC) is following 2013 like a carbon copy. The price will likely consolidate for the next few weeks just like it did in 2013 before a big rally. Technical analysis on a relatively small time frame is often rendered false by algorithms and bots that have mastered the game over the years. This is why many traders believe that technical analysis simply does not work on smaller time frames anymore. It used to work 15 years from now but today it does not work. However, long term trends are still an accurate indication of where the price might be headed in the times to come. In the case of Bitcoin (BTC), that long term trend spans over a period of 6 years which is good enough for us in a relatively nascent market like that of cryptocurrencies.

The common understanding about such long term trends as in the case of Bitcoin (BTC) is that these trends are supported by real life events. For instance, if Bitcoin (BTC) has reached its peak for a cycle, you can expect some FUD in the form of an exchange raid in South Korea or a country ban on Bitcoin (BTC) which leads to a continuity of the macro play. This is true not only of Bitcoin (BTC) but of other markets like forex and equities as well. It is often difficult to put a price target for a volatile asset like Bitcoin (BTC) in the near future but looking at the big picture, one can see what follows next.

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