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Bull Market Support Band at $53,000
As of today, the Bull Market support sits around $52,800 this morning and the risk is that should this support be broken in the coming weeks, at best it could take months to recover (invalidating Plan B's November/December Price Predictions) and at worst spelling, the end of the bull market as bearish sentiment takes over. The market has fought hard this week to retake the $60,000 level however at this point, there has been no such luck. In the event of another pullback, we would hope to see support at this level particularly since we have broken below the 8-week moving average.
For a continuation and any chance of parabolic price action this month to meet Plan B's targets, we will need to first see us break back above the 8-week moving average, however, this will be around $60,600 and find support there.
The bigger picture
Though this pullback, is typical and just what we would need to see a continuation, it is easy to become doubtful! The best thing to do is when in doubt is to zoom out, and take a look at what 20% pullback looks like in the context of this year! Should Bitcoin come and retest the $52,800 level, this could be the 'moon juice' needed to drive on towards some of Plan B's 98k Bitcoin Price Predictions. You can also find reassurance in logarithmic regression charts such as available from https://www.blockchaincenter.net/bitcoin-rainbow-chart/
$98k BTC in November? $135k BTC in December?
August, September and to a large extent October, Plan B was correct. Stock to flow predictions he has given have been impeccably accurate. I'm quietly confident we will see a parabola soon, but these price targets remain ambitious but still not impossible. Remember that US inflation is running at a reported 6.1% and the off switch for the money printing machine of the US federal reserve seems to be broken. Bitcoin remains a good hedge against inflation and long term, there has been nothing better!
Interesting AltCoins?
Gaming Coins are all the rage, but I plan to write a post about my picks in the coming days, however this week I am planning to accumulate Avalanche ($AVAX) - A layer one blockchain that has the potential to grow in the coming months, handily it's already listed on , which also means it can be mainstream in future. Also, Moonriver ($MOVR), an Ethereum compatible smart contract parachain on Kusama.
None of the above is financial advice.
Thank you for reading, and I plan to check in with you tomorrow, and if you found this interesting, you can follow me right here on publish0x.
