Since the beginning of the year, Bitcoin has been experiencing sharp falls, making it lose more than 80% of its value since its peak. So what will bring this coin up to $ 60,000 by 2019?
- Monthly chart:
Bitcoin (BTC) was traded in a series of bullish wedges as seen on the BTC / USD monthly chart above. Price reached $ 1,000 target by the end of 2013 and then began to decline. In that fall, prices jumped from the bearish wedge to consolidate before continuing to go up to prepare another bearish wedge. From the end of 2015 until now, prices have been preparing to enter another decline. Bitcoin (BTC) is about to enter another phase in September.
Last time Bitcoin (BTC) entered a declining wedge, it rose over a period of 34 bars out of a total of 83 bars of falling wedges. That's a total of 40.96% movement to achieve ATH before adjustment. If Bitcoin (BTC) moves in the upcoming bearish wedge with a total of 40.96% before adjustment, it will reach the $ 60,000 price before July 1, Then we will go through another adjustment, and this adjustment will break the second wedge and Bitcoin (BTC) will then have to fall to the lowest dotted line in the chart above.
This means that as time passes, positive price action will slow down. Bitcoin (BTC) will continue to grow but that growth rate will become slower over time. It is noteworthy that the Bitcoin ETF is expected to be adopted in the first quarter of 2019. The next major move by Bitcoin (BTC) to $ 60,000 will benefit from an ETF in early 2019, but prices will fall as enthusiasm Disappeared soon after.
Regardless of that, the importance of a Bitcoin ETF (BTC) can not be underestimated. There was a lot of excitement when CME and CBOE launched Bitcoin in the future. However, many crypto enthusiasts did not realize that these deals were settled in cash and people did not have to buy Bitcoin (BTC) to bet on the upside, nor did they have to sell. However, if a whale wants to make money on futures contracts they own, they can only pour some Bitcoin (BTC) into a Bitfinex deal to push prices down. This is why many people have pointed out that futures will give the big investors the opportunity to pump - dump in this space.
- Weekly chart:
The chart on the weekly timetable shows that Bitcoin (BTC) has broken out of the downtrend and is now all set to start a new cycle. While there is no shortage of catalysts that can push prices back to where it fell; Considering that we have seen nothing but FUD in the past few months, it is important to realize that without the ETF, a $ 60,000 target does not seem likely.
If the futures contract adversely affects the Bitcoin price, the ETF will have the opposite effect because the deal will be settled. This means that if someone wants to invest in a Bitcoin ETF, they will have to buy Bitcoin (BTC) to reduce the supply in the market, this action will naturally increase its price.
