Bitcoin Reinforces Uptrend; Projects August Spike to ~50,000
08/12/21 INSIIDE Track Update – “Bitcoin broke out to the upside, validating the outlook for a surge to/above ~47,000/BTU… potentially attacking ~50,000/BT. It needs a daily close above 47,000/BTU to project a surge above 50,000/BTU.
In recent months, Bitcoin created a trading range between ~30,000 and ~40,000/BT – rarely generating a daily close (in the Sept futures) outside of that range. On Aug 5, it closed above that range – and then gave a more convincing breakout on the Aug 6 close – projecting a quick surge toward 50,000/BTU.”
Based on its monthly trend pattern in June ’21 – while fulfilling downside targets at ~29,000/BT – Bitcoin continues to project an overall surge to new all-time highs (above 65,000/BT) before a major top becomes most likely. If Bitcoin can peak in 4Q ’21, it will powerfully corroborate the outlook for 2022!
What would that mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.