Bitcoin Consolidating Again, Under $20,000
It’s only a matter of time before Bitcoin breaks through the all time high (ATH). The below chart is from last week. Bitcoin has broken through the channel at this time:
The next chart shows the November monthly close breaking the highest monthly close of all time, December 2017. Neutral ATM sees this consolidation dragging on for longer than some may think it will. Keep in mind, when Bitcoin does close a daily candle above $20K, it will very likely become extremely bullish and expand at a high rate after that. In 2017, this ATH consolidation lasted 90 days. This could put the consolidation into February 2021. See the chart:
Regardless of timing, Bitcoin is buoyed by the money supply expansion since March, which shows signs of growing moreso in 2021. The dollar is below a DXY index of 92 and dropping. Yet stock indices and Gold are down. Bitcoin is the asset most being buoyed by these global macro forces at work, inflation. There very well may be a deflationary event, but it is inflation and fears of it, that buoy Bitcoin. If and when stocks fall off significantly, Bitcoin will grow significantly afterwards. The break in consolidation with stocks is obvious now, and has persisted for 6 weeks plus. Buy Bitcoin below $20,000! It won’t be THIS cheap for long. Scarcity of a production rate programmatically locked in at 900 BTC/day with fomo demand through the roof now, ensures Bitcoin price appretiation for the next year. Demand will not relent long term until a blow off top of the price is confirmed. We are very, very far away from those indices right now. This is why small retracements like we saw on Thanksgiving are so healthy. Neutral ATM has cheap rates and we do everything we can to make it easy to acquire Bitcoin for long term savings. Neutral ATM is here to get everyone off of zero Bitcoin.
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