Bitcoin 100k 2021? Bitcoin Cup With Handle Pattern Forming? - YouTube

bitcoin looks like it could be  setting up a cup with handle pattern  

and looks like it could explode to over 100  000 by the end of the year as of friday night  

bitcoin's price was 48 000 and this market cap was  908 billion dollars in this video i'm first going  

to go over what is a cup with handle chart pattern  including the psychology around this chart pattern  

then i'm going to talk about why i think bitcoin  could be setting up for a cup with handle  

breakout and three catalysts that could propel  bitcoin to over 100 000 by the end of the year  

and finally i'm gonna go over my game plan  for investing in bitcoin all this right after

i am not a financial advisor this video is for  entertainment purposes only learn to invest like  

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so without further ado let's get right into  it bitcoin looks like it could be setting up  

a cup with handle chart pattern so first of  all what is a cup with handle chart pattern  

a cup with handle pattern is a widely used chart  pattern popularized by william o'neal in the 1980s  

in his classic book how to make money  in stocks a breakout from this pattern  

is known to have returned massive  gains for traders and investors alike  

so here's a chart of bitcoin from friday night  and here's a potential cup with handle pattern  

forming on bitcoin and we call it a cup with  handle because it looks like the drawing of  

a cup with a handle so the first stage of the  pattern represents the initial run up of bitcoin  

that started late last year traders and  investors alike were feeling invincible  

gamestop had just gone from four dollars to  four hundred dollars in just a few months  

people were feeling optimistic about the end of  the pandemic lockdowns elon musk tweeted that  

tesla was putting bitcoin on the balance sheet  and accepting bitcoin payments for tesla vehicles  

this all turned into euphoria and signifies  the start of the left side of the cup and then  

fud fear uncertainty and doubt kicked  in forming the left side of the cup  

elon musk tweeted that bitcoin mining was  too energy intensive and that tesla would  

no longer accept bitcoin for payment until bitcoin  mining came from more renewable sources of energy  

after a huge pullback  bitcoin started consolidating  

forming the bottom of the cup and then bullish  news started coming left and right about bitcoin  

forming the right side of the cup elon musk  attended a meeting with kathy wood and jack  

dorsey where he revealed that he wants bitcoin to  succeed and that he has a lot of his investments  

outside of tesla in bitcoin then el salvador  became the first country in the world to accept  

bitcoin as legal tender then as all this good  news was coming out bitcoin has another pullback  

potentially forming the left side of a handle  this is the stage where we are right now the  

start of the handle is where the weak hands put  selling pressure on bitcoin who are the weak hands  

the weak hands are people who bought bitcoin at  the initial euphoria phase at the start of the cup  

they were not prepared for the volatility that  comes with owning bitcoin and are now ready to  

get out with an acceptable loss it also represents  some short-term traders who are very happy with  

the swing trade gains that they made over the  course of a few weeks now if the handle is truly  

forming the strong hands will come in and give  bitcoin the support it needs in the coming weeks  

this would be the bottom of the handle if the  cup with handle pattern is successful then  

bitcoin's price will surpass the peak of the  handle completing the formation of the handle  

and that's where bitcoin's price could potentially  explode to over 100 000 by the end of the year  

next we're going to talk about some short-term  catalysts that could push bitcoin higher to  

complete the cup with handle pattern the first  catalyst we may see more institutions and famous  

investors place their bets on bitcoin a lot of  these institutions and investors are monitoring  

the situation in el salvador they might even be  sending down their own analysts to el salvador  

to see how easy it is to use bitcoin to buy a cup  of coffee or pay for a hotel room and if they get  

the positive data that they're looking for that's  when they'll start plowing their investments into  

bitcoin a second catalyst is the approval of a  bitcoin etf both fidelity and kathy woods arc  

invest have applied for a bitcoin etf if approved  that would open up the floodgates to more bitcoin  

investors and a third catalyst is a successful  upgrade of bitcoin called taproot expected to  

take place in november the bitcoin blockchain  doesn't have major upgrades very often so this is  

a big deal the taproot upgrade among other things  enhances the smart contract capabilities on the  

bitcoin blockchain which opens up more use cases  for bitcoin and could accelerate massive adoption  

for the coin of course there's no telling whether  or not the cup with handle will be successful  

but i am keeping a close eye on its development  and if it does not follow through then most likely  

we'll have to wait until the next bitcoin  having event in 2024 before bitcoin's next  

major bull run so what is my game plan i am  a bitcoin hodler and i have been since 2017  

and my long-term price target on bitcoin by  the end of the decade is around four hundred  

thousand dollars if bitcoin becomes widely  adopted as digital gold and potentially eight  

hundred thousand dollars if bitcoin also becomes  widely used as a smart contract platform however  

i do believe that there are significant  risks to holding bitcoin and other cryptos  

as i mentioned in a previous video the first of  those risks are quantum computers potentially  

being able to break bitcoin's encryption  which would render it worthless second  

the us government could ban bitcoin exchanges  which could slow bitcoin's adoption to a crawl  

and third the cyber security risk of holding  bitcoin if you hold bitcoin and other cryptos  

you are a target for cyber criminals that  are constantly trying to steal your coins  

so because of the risks even though my long-term  price target is hundred to eight hundred thousand  

dollars per bitcoin i do plan on taking some  profits if bitcoin passes one hundred thousand  

dollars just to lower my cost basis between fifty  and a hundred thousand dollars i mostly plan to  

just hold my bitcoin and if it stays below 50  000 then i mostly plan to just slowly dollar  

cost average into bitcoin i currently have enough  exposure to bitcoin and other cryptos that i'm  

not that interested in increasing my positions all  right so let me know what you think about bitcoin  

is bitcoin going to break 100 000 by the end  of the year drop me a line in the comments be  

sure to leave a like on this video before leaving  thanks for watching and i will see you next time

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