Chris from MMCrypto and DaviciJ15 are discussing the road to a $100,000 Bitcoin price target within 6 weeks. Davinci states that Bitcoin is in an upward trend channel, ‘you could call it a wedge’, and Davinci doesn’t like it that much, ‘it’s not that clean’. He wouldn’t be surprised if we ‘were faking out the bears and then went up’.
However, since the breakout failed a couple of times, there is a possibility that we fall back to around $43,000. Especially since the weekly EMA is closer to the $41,000 and Bitcoin ‘comes to check that’. Should Bitcoin come to that level Davinci is looking into buying at that level.
Chris agrees on the falling wedge and thinks that shortening Bitcoin could be an option, however he states he never shorts Bitcoin in a bull market.
Switching over to DavinciJ15’s ‘long term’ prediction [in 6 weeks ;] where he predicts a $100,000 Bitcoin at the end of April (8:40).
Davinci mentions that these days more and more billionaires are buying Bitcoin. However, most of them don’t tell you how much they buy but it’s vastly way more than retail investors spend: ‘they spend $50k like we do with $50 so expect a huge price run’.
Furthermore: the consolidation periods -like we have now- usually provide liquidity to redistribute Bitcoin from weak hands to strong hands. Chris mentions that this also happened with the last major correction from $42,000 to $30,000 where new (big) buyers stepped into the game. ‘How else could TESLA buy 1.5B of Bitcoin, you need that liquidity’.
Chris asks Davinci how he would ‘play the game’ and where he would enter. Davinci mentions a price target to enter around $41,700 and exit around $70,000 – well before the $100,000. However if things look brighter than maybe he holds on to the trade a bit longer. But keep in mind, this is uncharted territory!
This episode premiered March 4, 2021.