Bitcoin Price Parabola

Bitcoin Price Parabola

Bitcoin price is picking up the pace and has covered almost $20 in some exchange charts. Fibonacci ratio targeting shows there is at least another $20 of upside in the tank. Bitcoin price is accelerating to the upside in a manner that frequently results in a price spike. According to two evident Fibonacci extension projections the wave top should form around the December and January highs, although the spike may extend much higher. Tomorrow’s analysis will consider the 1-day chart and the longer-term outlook.

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Gold is a great way to preserve wealth, but it is hard to move around. You do need some kind of alternative and Bitcoin fits the bill. I’m not surprised to see that happening.

Jim Rickards, American Lawyer, Economist and Investment Banker