BTC to Hit $100k-$200k in 2021 But a Pullback Could Come Before Going into Next Year: Bitcoin Analyst
Charles Edwards of Capriole Investments says, “would be shocked if BTC doesn’t hit at least $50K” next year.
Yesterday, Bitcoin hit another all-time high, a new norm for BTC, to celebrate Christmas. Currently, trading around $24,900, retail looks ready to take advantage of the holiday season and weekend to push the prices higher and make institutions go FOMO next week.
By the looks of all the things that are bullish, bitcoin looks primed to hit more new levels. As noted by Charles Edwards of Capriole Investments, “fresh all-time highs (ATH) usually lead to more ATHs.”
However, the good thing for anyone looking for some good pullback, Edwards sees one before we move into 2021.
Using old school Wyckoff's theory, he sees the correction next week that could take us to $21,000.
“Some short-term metrics suggest a brief pull back may be due and if this occurs, would likely represent a great buying opportunity in the region of $19-21K. But don’t count on it,” wrote Edwards, who advanced the Hash Ribbons indicator for timing entry points in the Bitcoin market, in the newsletter.
This is because the $19-21K region has a lot of support. Furthermore, Bitcoin Production cost is also around $18.6K and growing.
Charles Edwards Capriole Investments
“It’s incredible how the institutional media narratives and fiat hyper inflation is all aligning with the highest returning period in the Bitcoin four year cycle, 2021.”
“Buckle up and get ready for an incredible year.”
Talking about next year, Edwards points to the big opportunity that only occurs once every four years.
Going into 2021 with great confidence, “We expect to see Bitcoin in the region of $100K-200K in 2021, and would be shocked if it doesn’t hit at least $50K.”