Disclaimer: The information in this blog represents the opinions of its author and is for educational purposes only. It is not intended as investment advice. The bitcoin market is extremely risky so you should only invest money you are willing to lose.
Just as we predicted, the bitcoin market recovered pretty quickly from its case of the post-fork jitters. After a deep correction that brought the price well below our safety zone of 61.8% retracement (blue zone in chart below), we recommended waiting for a safer entry point to get back into the market to continue riding the bullish trend.
Here is yesterday's chart showing the drop in price after the gold fork and our trading recommendation to wait for a safe entry point:
This was a pretty big swing profit for those who trusted the math and stuck to the analytics. Here's this morning's chart showing the outcome of yerterday's entry:
Where is Bitcoin price Headed?
How high could it go? Nobody can predict that. But this market does tend to move in mathematically predictable Fibonacci waves, so if bitcoin reaches a new high above the previous peak price of $6190 set on Oct 21st, the next major Fibonacci target is $7500.