Bitcoin downside target: $1400

Putting a target on anything is a fool’s game. Well, I’m your Huckleberry.

A daily chart of Bitcoin with a fib retracement of 61.8% is ~$1400. I’d say we’re 50/50 to see $1700 price by August 1st and we’ll overshoot it to touch $1400.

However, much like baseball, there’s no crying in Bitcoin.

You either believe Bitcoin is a game changer or you don’t. Buy hold or sell. Those are your choices.

Am I concerned? Sure. And yet I know Bitcoin has been here before many times. The global macro economic situation remains bullish for Bitcoin. Japan has made Bitcoin a currency. India is warming up to Bitcoin. Bitcoin is a GLOBAL phenomenon. There will be bumps in the road to world domination.

Bitcoin remains Bitcoin’s major enemy as we move towards August 1st and the New York Agreement. The New York Agreement is the literal fork in the road and, besides the parabolic price rise, a possible cause for a rocky Summer in cryptoland.

The Bitcoin bulls are like early bulls in any sector. Ridiculed and sometimes publicly humiliated. But in the end Bitcoin will prevail. Even if you aren’t a believer can you afford to sit out a game changing financial instrument with zero exposure in your portfolio?

Make your plans to dollar cost average in under $2,000. See you in 2018 at $10,000 or I’LL SEE YOU IN HELL.

These are your future masters of finance. Prepare accordingly.

About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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8 comments

  1. Phenomenal stuff. I would definitely welcome an opp to buy under $2000.
    The plan is set. Thanks, En!gma. Do you have a new Twitter handle? The link above didn’t work.

  2. What percentage of your Bitcoins have you sold into this maelstrom?

  3. CCs are here to stay but I’m not convinced that BTC will survive. There are so many smart people working on alternative – and what appear to be superior – technologies, and they only need to leverage an established, Facebook-like network to put BTC under the ground. Then we have the uncertain effects of the upcoming fork(s) and blockchain changes – through November of this year.

    In this scenario it takes a brave person to predict pricing points. I personally don’t think that BTC will drop as low as $1400 in the near term, as they currently have no real challengers in the rapidly growing market cap of the CC space, but I do believe that there is the probability of its demise in the mid- to long-term as the mining community diminishes – those miners will ultimately migrate somewhere else.

    As the market matures, the best case outcome is that BTC can survive as one of multiple participants in a competitive, shared market environment.

  4. If you know for certain that most coins will disappear in the next few years, why hang your hat on any particular version? Why not just buy breakouts? Sure your cost base will be higher, but who cares if it’s a game changer. There’s gonna be a lot of people on suicide watch in this space when the market decides which coins will survive and they are riding the others to zero.

  5. tokyojoewasmyfriend

    $XRP +1

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