The bitcoin price has broken $8,000 USD yet another milestone. Now, the price could rise as high as $9,000 before the last round of profit taking occurs ahead of the big rally to $12,000 in early 2018.
Prices left behind a major Elliot Wave movement to arrive at the Gann´s Angle Theory trigger zone, which could launch a rally towards $9,000. Those actions contribute to the likelihood of an imminent rally to a higher bitcoin price.
In addition to having bullish mathematical indicators, the bitcoin price in the mid-term depends heavily on fundamental data. Short-term quotes crossed the Gann´s theory bearish angle to reach the trigger zone, which should launch a bull rally towards $9,000 in the nearby.
From there, sideways trading activity should confirm a new scenario in which the bitcoin price rises to $12,000 as the first technical objective for 2018. What do you think will happen to the bitcoin price?.
https://bitsonline.com/wait-bitcoin-price-12000/Pretty jargon-heavy on the technical analysis there, but I think the $10k valuation by year's end is taken a lot more seriously by previously conservatives (myself included, with some humility). I think the long-awaited correction may never come until 2018, so if indeed it pips beyond 10k to 12k, there's always that chance of a massive sell-off followed by a sustained period of correction. This would be rational, based on the irrational psychology of that 10k mark.
A lot of long-term investors must have set take profit at above 10k levels, perhaps earlier this year: to realise 1000% profits if they bought at 1k, this would be the 11k level. With orderbooks still a bit thin on the sell side today, buying pressure is likely to grow even quicker.
Very heady, however it turns out.