Bitcoins could reach $500 dollars

Image

If you’re not bullish after looking at this chart then I don’t know what could convince you. What you are looking at is all the bitcoin data for mt gox in US $ displayed in a log scale.

What instantly leaps out, at least to me, is that the upwards trending price channel goes back a lot further than you’d think, to well before the 2011 bubble. From the look of the channel we are in, we could fall back to support somewhere like $16, which would be quite a retracement but still within our longer scale channel. Equally and perhaps more likely there is no real resistance that I can see until we hit $50. Even then we may not get a steep correction down, like the previous time that trendline was hit which was when the price was about $8.

If the price was to take off as it did in 2011 and spike up to the same trendline what was $32 back then is more than $500 today. Quite a thought. I’m thinking it might be time to load up on bitcoins while they’re cheap!

 

 

Advertisements

6 thoughts on “Bitcoins could reach $500 dollars

    1. sorry been offline for so long have had very difficult time lately for very personal reasons. Will try and post soon. Obviously the channel we were in has been broken to the upside!!! I still think theres no resistance until $50, might see a correction then. This looks like its going to be huge

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s