I meant to post this at the beginning of December last year (2017) but I lost my Steemit password and just finally found it. I find the overall assessment interesting given Bitcoin's price action over the last few days/week.
The outlook is simple, it follows the natural Fibonacci levels found in nature as they are paired side by side with the historic growth of Bitcoin using major resistance, support, and correction levels. The accumulation periods are contracting each time by half and the cycles/corrections in theory are following 5 Wave Elliot Impulses, each cycle oscillating between 6-7 major points and the corrections between 3 major points (more below on why). Also note: The first accumulation zone/cycle isn't fully mapped out as the numbers in between were in the hundredths.
Take a look below:
First reference the Fibonacci numbers found in nature...
0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987**, etc.
** Numbers represent the U.S. Dollar ($USD) denominated in thousandths.
Then take a look at Bitcoins growth...
First Accumulation (2009-2012) - 4 Years
0
First Cycle (2013)
0, 1
First Correction (2013-2014)
1, 0
Second Accumulation (2015-2016) - 2 Years
0
Second Cycle (2017-2018)
1, 2, 3, 5, 8, 13, (21)**
**Why 7? Because Elliot Waves create 6 major points, and often in crypto the 5th wave can be extended further so the 7th point is there for good measure. And as we saw in the case of Bitcoin, we almost got to 21K but not quite.
Second Correction (2018)
21, 13, 8**
**Why 3? Because typical corrective patterns in an Elliot cycle have at least 3 major points given an ABC retracement.
Third Accumulation (2018) - <1 Year (Less than a year because the accumulation zones are reducing in half each major cycle)
8
Third Cycle (2018-2019)
13, 21, 34, 55, 89, 144, (233)*
So in conclusion, I estimate Bitcoin to be valued over $200K, roughly $250,000 by early/mid 2019.
Yes, this is a daring speculative call, but after seeing how Bitcoin is behaving currently, I think more than ever this to be a very likely scenario.