Bitcoin bull run let's begin (BLX weekly chart)
I've spent many days watching the Bitcoin price at many timeframes and I realized this is the best chart with important trendline that shows with a long term perspective investing why the price of Bitcoin is going to be only higher from now on:
This chart should highlight to you the exponential growth trend. As long as this trend line is intact then it will always be bullish.
If the line breaks ... You will have only one thing to do: short the CRAP out of it!
But bear in mind that we are living in an exponential world. Everything economical and technological has grown exponentially. Why wouldn't Bitcoin?
Recently the price just bounced after getting near the trendline. it happened before and the last time was on the first half of 2019 when the price touched its minimum at around 3K. The price never went so low again.
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1D ZOOM
MAJOR RESISTANCES
6.500 - 9.700 USD that need to be overcome till halvening to validate the idea
============================
WHAT IS HALVENING IN BITCOIN:
In Bitcoin , halving or halvening is when block rewards for mining are cut in half. Halving happens at regular intervals based on the Bitcoin protocol, specifically it occurs every 210,000 blocks.
Bitcoin rewards that go to the so-called miners that support the coin’s network drop in half in order to prevent inflation from eroding the purchasing power of the coins. In the previous reductions, the price rose about 8,000% in the year after the 2012 decrease and around 2,000% in the 18 months following the 2016 cut, according to data complied by Bloomberg.
When is the next Bitcoin Halving: Assuming no major changes, the mining reward will drop from 12.5 BTC to 6.25 BTC per block in May 2020
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Other considerations about the scarcity of Bitcoins:
Currently 80% of all the Bitcoins that will ever exist has already been mined.
Almost 25% of that current total has already been lost forever
All the rest will be mined in just the next 6 years bringing the total mined to 93.5% by 2024, leaving only 6.5% more left to be mined between the years 2025-2140
So if you find this chart helpful please hit the like button and if you want to stay updated then hit the follow button.
This chart should highlight to you the exponential growth trend. As long as this trend line is intact then it will always be bullish.
If the line breaks ... You will have only one thing to do: short the CRAP out of it!
But bear in mind that we are living in an exponential world. Everything economical and technological has grown exponentially. Why wouldn't Bitcoin?
Recently the price just bounced after getting near the trendline. it happened before and the last time was on the first half of 2019 when the price touched its minimum at around 3K. The price never went so low again.
=======
1D ZOOM
MAJOR RESISTANCES
6.500 - 9.700 USD that need to be overcome till halvening to validate the idea
============================
WHAT IS HALVENING IN BITCOIN:
In Bitcoin , halving or halvening is when block rewards for mining are cut in half. Halving happens at regular intervals based on the Bitcoin protocol, specifically it occurs every 210,000 blocks.
Bitcoin rewards that go to the so-called miners that support the coin’s network drop in half in order to prevent inflation from eroding the purchasing power of the coins. In the previous reductions, the price rose about 8,000% in the year after the 2012 decrease and around 2,000% in the 18 months following the 2016 cut, according to data complied by Bloomberg.
When is the next Bitcoin Halving: Assuming no major changes, the mining reward will drop from 12.5 BTC to 6.25 BTC per block in May 2020
============================================
Other considerations about the scarcity of Bitcoins:
Currently 80% of all the Bitcoins that will ever exist has already been mined.
Almost 25% of that current total has already been lost forever
All the rest will be mined in just the next 6 years bringing the total mined to 93.5% by 2024, leaving only 6.5% more left to be mined between the years 2025-2140
So if you find this chart helpful please hit the like button and if you want to stay updated then hit the follow button.
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