Fibonacci possible BITCOIN target

#OPINIONLEADER#

BITCOIN $77,400 target?.

It takes a brave man to predict where BTC is headed other than up.

I've traded FX since 2005 and I'm on safe ground because I have history on my side.

My charts go back to before I started trading and this means I can look at history.

There is no history looking at a BTC/USD chart and as a result I don't trade BTC.

This is not the only reason.

The volatility of BTC make it a dangerous (and expensive) pair to trade. Wide spreads of $80!!!

You're down $80 the minute you hit the BUY or SELL button.

My advice would always be stick to FX if you are a trader.

However - that's if you are trading.

If you have cash sat about doing nothing then buying BTC makes sense.

When ex Goldman Sachs fund managers are predicting that BTC will hit $1m per coin in less than 5 years you need to listen.

"The price of bitcoin could hit $1 million in five years, up from about $11,000 now, thanks to an "enormous wall of money," a former Goldman Sachs hedge-fund chief said in a recent interview".

"Raoul Pal, who has allocated more than 50% of his capital to bitcoin, said a wave of institutional funds would adopt the digital currency as they realize the economy will take a long time to recover from the COVID-19 pandemic".

This interview was in October of 2020 so if , as the article states Raoul Pal put half his capital into BTC when it was $11,000 then he's 5x wealthier just 6 months later.

Although BTC has no history its still possible to predict where the price might be headed in the mid term.

If BTC/USD is behaving to Fibonacci principles then its possible a full chart extension of the Fibonacci could take the price to $77,420.

There is no doubt that this the golden age for financial investment.

Take the opportunities presented by cryptocurrency investment.

Check out my website for advice on my cryptocurrency recommendations.