I don’t know whether you’re not reading all of my emails, whether your emails are going to junk or if you haven’t white listed Trading Tips – but I have been ALL OVER BITCOIN this year with buying ideas.
In February, I sent out my first Bitcoin prediction for the year:
My first target was $12,889 – IT HIT…
Then I sent out my second prediction on Bitcoin in May:
The price target hit…
Then in August I sent out my third prediction article:
My third target was $19,264, which hit last week.
And today is my fourth Bitcoin prediction article in 2020.
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Now…Here’s why I’m raising my target all the way to $24,442.
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Demand is outstripping supply
Earlier this year in May, Bitcoin Halving took place.
This was where the supply was cut by 50% for the next 210,000 transaction blocks (over the next four years).
Just to give you some background… The total supply of Bitcoin is limited to 21 million coins.
And right now, there are around 18.5 million coins in circulation.
This means, the supply of Bitcoin is far less than the current demand. And as more and more people are trying to get their “digital” hands on them, the price will continue to increase.
Talking about people wanting to own Bitcoins…
Massive Hedge Funds and Billionaires are jumping
We’re talking about institutions that are set to revolutionise the Bitcoin and crypto-currency market.
In September, intelligence firm, MicroStrategy announced their intention to buy $250 million worth of Bitcoins.
Also in September, payments company, Square released their investment news in the Bitcoin market.
In October, payments giant, PayPal announced they will soon offer Bitcoin buying, holding and spending services… This has raised Bitcoin’s credibility as top listed firms are starting to adopt it.
We then have Wall Street Fidelity, who set up a new operation to let its clients invest in digital assets.
And not one but TWO billionaires, Paul Tudor Jones (Hedge fund manager) and Stanley Druckenmiller put their money into Bitcoin…
Here’s what Matthew Dibb, co-founder of Singapore-based Stack Funds, said.
“Over the past eight weeks, we have seen various notable public companies and hedge funds enter the cryptocurrency market with sizable deployment of capital”
And now that the price is at my third price target for the year, it looks like it’s about to go even higher…
Why this W-Formation is setting Bitcoin up for another 26.77% rally
In the weekly Bitcoin chart, you can see since January 2018, it’s formed a large breakout pattern known as the W Formation (Shaded area).
A W formation is a price pattern that resembles the letter W with two rounding bottoms with a high and low price between.
With this W Formation – the low price is at $3,208 and the high price is at $13,825.
Four weeks ago, we saw the price break up and out of the high level at $13,825, hitting my third price target as I mentioned.
And now, I’m basing my next price target on this larger W Formation which you can see in the above chart.
In fact, this tells me that the buyers (bulls) are on fire and will continue to push the price up.
To calculate the next price target, we’ll use the High-Low formula.
This formula finds the price difference between the high and low price of the W Formation and is then added to the high.
Which in this case is:
Price target = (High - Low) + High
= ($13,825 - $3,208) + $13,825
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Here’s how I’ll profit from the 26,77% Bitcoin rally
First, you can either buy and profit by owning Bitcoin CFDs with a reputable broker that offers crypto currencies. And ride it up until it hits my fourth price target.
Managing Editor, Trading Tips
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