Bitcoin Is Preparing a Run to $1000

In our last column we speculated that bitcoin price was going to $930.  It didn’t quite get there. It hit $920 and corrected there.  As I have held onto the belief that we are still in a corrective phase to the massive rally to 1150, I was thinking that 920 might be the end of the current rally.  But the asset is showing signs that another move higher is on the menu





This is the daily chart.  You can see how the market reacted to the 2nd arc.  There was sharp selloff there, but the market on the shorter-term charts looks like it is getting ready to move higher. (I’ll show you that a bit later.)  For now, I notice that an important S/R line from an Andrews Pitchfork exactly intersects the 3rd arc at exactly $1,000.

2nd arcs occasionally stop market moves, though usually only in minor corrective moves.  The 3rd arc is stronger in many cases,