BTC and The $50,000 Daily Green Candle
Bitcoin is five grand away from getting back to $50,000. The level from where it fell almost a month ago, at the beginning of September. We were warned about that, @edicted has stated the case in this regard for quite some time and there are plenty of meme accounts on twitter who would agree with him.
Now we're on the 1st of October and the month of September is already history. According to more knowledgeable folks than I, seems that October, November and December have usually been highly bullish months. So let the party begin!
It's amazing how far we've gone in terms of prices since the March 2020 crash and it's also weird at the same time how people, although Bitcoin being 10x from the March 2020 crash, are still so emotional about $500 to $1,000 daily candles. Wait until we will have a $50,000 one.
Yes, I do believe we will witness such a spectacular daily green candle, sooner than later. I don't know when will that occur, but I know what it will cause it. A Bitcoin ETF approved in the US will definitely be a catalyst for such a rapid price appreciation. I don't know about you, but I'm that type who believes Bitcoin will get to $200,000-$300,000 before it peaks.
I also believe that we won't have a turtle type rise up to that level. The slowness is to be seen during the current phase we are at, when Bitcoin is somehow struggling to recover from a correction, although it's actually not a struggle but more of an accumulation phase for whales picking up cheap BTC from panic sellers. Once the bull market rallies will resume, we're on another set.
We already had $10,000 upwards leaps that occurred over a few days time span. That was the level Bitcoin was playing before the first local top in the bull market. A lot has changed since then. Now we have countries such as El Salvador that are mining their own Bitcoin using volcano energy. That's massive, you know...
The US has positioned itself perfectly in this Bitcoin game imo and approving a Bitcoin ETF in the near future, probably by the end of the year is something that I'm expecting. Why I'm also expecting a $50,000 green candle triggered by such an event?
It's because so many are waiting for it, both retail and institutional investors. It will come as a confirmation for Bitcoin accepted as a store of value and a great long term investment in the US. Once that happens we will be having tons of people buying it just so they don't miss the train.
If you check gold's price on a longer time frame you shall see that gold entered a super cycle once a gold ETF has been approved. Such an ETF has come as a conformation for its store of value nature. Living in the digital era, news travel faster, thus the moment a Bitcoin ETF gets approved in the US, immense buying orders will flood the market.
My take is also that such an ETF will be one of the catalysts for Bitcoin entering a super cycle. I said it multiple times on my blog, I'm not a fan of ETFs and institutions controlling crypto, but such necessary evil will push towards mass adoption for crypto. I know $50,000 sounds much for a daily candle, but I'm expecting outrageous price action for Bitcoin in the next few months.
Thanks for attention, Adrian
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