If BTC follows the last few patterns we'll see it turn bullish over the next few days and go through another growth and correction cycle. I've marked the sections of the cycle with colored boxes to show the matching points of growth, peak, and correction. I expect it would peak at around $7200.
At this point we may enter a bear market because of how fast it's growing (exponential curve that isn't totally sustainable long term) and we'll see a large correction from $7000 back to $3600. From there I would predict it to move sideways for a while because this would break the cycles and create more fear and uncertainty in the market.
( I'm new to this. This is only my second shared idea. Everything is speculation, anything could happen. )
@okkk Bitfinex, I really like the trading view charts they have and how responsive it is. Kraken was slow and buggy and Bittrex didn't have very good charts.
CorySchulz
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I'm noticing today that a lot of the alt-coins I follow are going up while BTC is still negative - NEO, IOTA, OMG, LTC, ETH are all up. This is because everyone is buying today in anticipation of BTC recovering over the next few days. This is the time to load up on everything if you aren't already!
I'm interested in IOTA because if just broke out of a pennant and is looking extremely bullish but has had a hard time recovering when BTC was dropping.
OMG has some "big news" this month that still hasn't happened but it's still a young coin and has a lot of growth and real tech behind it.
NEO dropped hard from the China news but it survived and now it's going to recover and looks strong.
nunojusto
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I don't believe you are new on this :) You are one of the most correct on this. I agree almost 100%... i just don't see frame time to get 7200... maybe at max 6000
CorySchulz
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@nunojusto - Thanks! I've been watching it closely for the last few months and I'm a programmer so maybe I picked it up a little fast. :) It's very possible it'll peak at 6000 and then then FUD from the hard fork will kick in and then it'll pick up a few days after the fork. When the fork happens and BTC dips it might be a good time to go long on BCC since that sometimes goes up with BTC dips.
@nunojusto, Honestly I haven't been following it and don't usually put my money in BCC because I don't believe in it. I've just noticed that sometimes when BTC goes down people will move some of their money to BCC and it'll get a little pump.
nunojusto
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@CorySchulz, We are now seeing a pump in all altcoins and BTC is dry freezed. Never saw this... anyone knows?
SafeGamble
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I like it, but 7k is a big even and it might actually see a selloff. It might not even reach it before the November hardfork FUD kicks in.
CorySchulz
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@SafeGamble, Totally true. This last run it went from 1800 to 5000 - 2.7X's the value. Here it would only double in value from 3600 to ~7200. I didn't take the hardfork FUD into account, but sometimes it just makes a part of the cycle a little more extreme than it normally would be but still follows the overall pattern. Example: I think the China news caused the large dip to 2800 to occur a little prematurely for the pattern and went a little lower than I thought it would, but I was still expecting to see a dip somewhere around that time.