What’s Next for Bitcoin

Bitcoin’s been on a tear lately. [Jeff Clark's Market Minute]( What’s Next for Bitcoin By Imre Gams, analyst, Market Minute Bitcoin’s been on a tear lately. The king of cryptocurrencies has recently broken above $40,000. That’s a major milestone. The last time bitcoin traded at $40,000 was in May 2022. Everyone wants to know what’s going to happen next. I’m not going to mince my words. Bitcoin is going to break to new all-time highs. According to my technical analysis, it’s because of a recent development in bitcoin’s price chart. On November 6, Market Minute readers [were shown a version of this chart]( [(Click here to expand image)]( There are two important things going on here. First, bitcoin was able to trade above three key moving averages by mid-October. Bitcoin’s Trend Is Up Breaking above the 20-, 50-, and 200-period moving averages tells us that bitcoin’s short, intermediate, and long-term trend is up. Recommended Link [LIVE DEMO: Elon Musk’s AI hits 65 MPH]( [image]( I just taped a live demonstration of Elon Musk’s AI in action. [Click here to watch: it’s around 2 minutes long.]( Elon already created an “army of millionaires” with Tesla. Looks like he’ll do it again with his AI. Because unlike ChatGPT, Elon’s AI works in the REAL world. That’s why I think Elon’s AI will be [100X stronger than ChatGPT](. [See Elon Musk’s AI in action.]( -- But to really get some momentum going, bitcoin had to clear its trend channel (the blue parallel lines). Breaking out of that trend channel allows bitcoin to achieve what I call “escape velocity.” In other words, to get some real momentum going. And that’s exactly what happened next. Check out this updated price chart of bitcoin below: [(Click here to expand image)]( As you can see, we’ve clearly broken out of that channel. And once we did, prices accelerated sharply higher. But it’s not all clear skies ahead. While bitcoin will eventually break to new all-time highs, there will be a few speedbumps along the way. Notice how far away bitcoin is from those three key moving averages. That’s a sign that momentum has reached a bullish extreme. A market’s price movements are a lot like an elastic band. You can only stretch an elastic band so far before it has to snap back. Given that bitcoin has shot up nearly 60% since the start of October, the odds are high the band is near its breaking point. We likely need to see prices “snap back” before bitcoin can run higher. In trader speak, this is known as “reversion to the mean.” A likely “snap back” target would be the top of the broken trend channel. This target happens to coincide with the daily timeframe’s 20-period moving average (the short-term trend indicator). Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. What This Means for You That means a possible pullback to around $38,000 or so. How you use this information depends on the kind of trader or investor you are. If you’re in bitcoin for the long haul, then such a pullback won’t faze you. You might even want to use it as an opportunity to buy the dip. But a shorter-term trader might want to consider taking profits here and reloading once the pullback is finished. Happy trading, [Signature] Imre Gams IN CASE YOU MISSED IT… Market Wizard Reveals: [The One Ticker Retirement Plan]( Introducing the “One Ticker Retirement Plan”… It’s a way to trade just one ticker… And potentially make all the money you need – no matter what happens in the stock market. Sounds too good to be true? [Larry reveals everything in this interview – including the name of the ticker you need to get started.]( [image]( [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2023 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](