Long term and fundamentally Bitcoin is super-bullish in my opinion. I've advocated the price of Bitcoin as high as $400,000USD, as a minimum long term (5-10 years)
Today we're seeing a little pullback. I don't think there is reason to be worried. Fundamentally banks like Goldman Sachs are talking about how they are trying to find out how to satisfy customer interest in Crypto Currencies. And there hasn't even been any bad news on Bitcoin for HOURS! Wow!
Take a look at the 5 hour chart. From the start of the recent bull run after the pullback Bitcoin has formed a nice trend channel. Right now we are trading at the very bottom of the channel, and as predicted it reversed. Now, that doesn't mean it has to be like that. Bitcoin could start trading beneath the trend channel and form a short term bearish formation.
Now, if that happens, we can go and take a look at the daily chart.
So, 25th of September Bitcoin broke out as you can see. And right now we are trading about in the middle of the trend channel on the daily chart. I wouldn't start to worry until prices are falling beneath that trend channel. Right now that means under $4000, and we'll see in a couple of days where it's headed short term.
Medium term though, I would be very confused if Bitcoin didn't set ATH's before Christmas. Some horrible news could of course set it back a little bit, but I still think we will see prices well above $5000 before the beginning of 2018. And then who knows, If we see $5000, I believe the market wants to see $10,000. Why not? Let's see how things look from $10,000. Why turn back now? :)
