In the last two days the market impressed me; an incredible acceleration from 10$ to 17$ with good volume. Many has asked me to make a forecast about a potential important target, well isn’t an easy task but i’ve decided to do it, so i calculated a potential mid term target using weekly data. Usually a swing, in any time frame (hourly, daily, weekly, monthly) may last up to 25-30 bars with a minimum of at least 4 bars. This weekly swing started from 0.56$ in april and so far this market has risen over the last 9 weeks.
Hypothesizing that this weekly swing will last for 25 weeks, a maximum target would be around ~70$ in october. I’m pretty sure that approaching such an impressive target many big bitcoins holders will be tempted to sell their stake stopping the ride. Can this market go beyond 25 weeks? Yes, but more likley with a weekly correction of at least 3-4 weeks.
Otherwise if the top is now and a weekly correction will start immediately with a minimum duration of 4 weeks, the area around 10$ may provide support attracting long term buyers.
If someone is interested to a further deep explanation on how i derived these targets, let me know it leaving a comment here. Thank you.