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Michael Saylor: The Physics of Bitcoin

Bitcoin has laid the foundation for ...

Bitcoin has laid the groundwork for potential growth to $ 40,000
CONTENT

  • Bitcoin Marks 11-Week High Above $ 10,000 Today.

  • Analysts predict the growth of the currency in the region of $ 40,000.

  • QE and fiscal stimulus policies are favorable to bitcoin.

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Early this morning in Asia, bitcoin again managed to break through an important psychological level of $ 10,000, breaking through key technical resistance.

The bitcoin rate (BTC) started a new day with an important event – it attacked the key psychological mark of $ 10,000, marking an 11-week high at $ 10,060. Perhaps behind this spurt was simply a general increase in hype on the eve of an imminent halving in the bitcoin network. However, the technical picture also favors further growth..

Painting for the delight of the bulls

Bitcoin has laid the foundation for ...

Raoul Pal, Founder and CEO of Global Macro Investor and Real Vision Group [@RaoulGMI], shared some long-term Bitcoin charts today with his Twitter followers..

The first chart was named by him “Ideal Wedge”. It depicts a triangle pattern plotted from the 2017 peak high to today’s levels. Pal found a similar wedge on a logarithmic graph covering the entire dynamics of military-technical cooperation in a historical perspective.

“Classic charts give us a target level for bitcoin in the region of $ 40,000,” he comments optimistically..

As for the second graph, here Pal adds an already incredible sounding forecast:

“Here the potential target for bulls (the keyword is potential) is $ 1 million.”.

The third graph shows the regression channel, where the standard deviation indicators promise Bitcoin no less fantastic growth – to levels from $ 400,000 to $ 1 million.

Bitcoin for a million dollars?

It should be noted that such high-profile predictions are not uncommon in the crypto community. Recently, the editors of Beincrypto already said that the head of Pantera Capital Dan Morehead, relying on the now popular stock-to-flow model, predicted that in August 2021 the BTC rate could reach $ 115,212.

Bitcoin has laid the foundation for ...

Commenting on his forecasts, Pal himself admits that it is possible to talk about such numbers only hypothetically, but emphasizes that, in general, today’s breakdown of important technical resistance has increased the market’s chances of growth..

As a factor favorable for cryptocurrency, he also noted the ongoing unprecedented fiscal and monetary stimulus policy, which is now unfolding around the world and erodes the value of fiat money. In general, as he summarizes, now all the stars have perfectly matched for Bitcoin – both technical and fundamental factors favor it.

However – as a fly in the ointment – he warns that one should be wary of “monstrous” volatility in the market, so losses can be as big as profits.

In addition, technical analysts remind that there is still strong resistance in the $ 10,500 area, which has already contained the growth of bitcoin in February this year. Its breakdown is a prerequisite for the further development of growth.

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