Recently, I’ve been doing some technical analysis on Bitcoin. Many say that the cryptocurrency could go to $1 million as soon as next year, but I’m a conservative analyst.
After extensive technical analysis, I have concluded that Bitcoin is likely going to $500,00 in the mid-term due to one simple reason: Bitcoin has gone up a lot in the past, and it can do it again.
See Figure 1 above. Clearly, Bitcoin has a lot of room to run. Would Coinbase have included that much blank space at the top of the chart if it didn’t?
If you look at historical returns for Bitcoin, there are several instances of near-vertical lines on the stock chart. Since we haven’t experienced that in a while, I figure we are due.
Therefore, I am reiterating my “extremely strong, please buy!” call, and upping my Bitcoin price target to $500,000. Please open up a Coinbase account now and buy!!