By Teeka Tiwari, editor, Palm Beach Confidential
In May 2017, bitcoin traded as high as $2,763. By July, it got hammered all the way below $1,843.
Afterwards, I told Daily readers, “I believe bitcoin could hit $10,000 in the not-too-distant future.” But by the end of 2017, we didn’t see bitcoin at $10,000…
It was at nearly $20,000.
Now, bitcoin’s price has moved a lot since then. But we can still forecast where it’s headed based on the past.
So today, I’ll tell you when I expect bitcoin to reach new highs. I’ll also go over what that means for the broader crypto market—and why it’s important to get positioned now.
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Bitcoin’s Current Price Action
Every few years, bitcoin drops 80% or more—before breaking out to new all-time highs. We saw this most recently during the brutal Crypto Winter of 2018.
As mentioned, bitcoin peaked around $20,000 in January 2018. But then, it crashed more than 80% during a horrific bear market, falling below $3,200.
Yet by June 2019, it was trading as high as $14,000 again. It reclaimed 70% of its old peak in about 16 months.
Now, bitcoin has pulled back again as it consolidates this huge move off its bottom. So to figure where it’s headed next, I compared this last Crypto Winter to the previous major crash in 2014.
In November 2013, bitcoin reached a high of $1,149—before a massive sell-off sent it under $175 in 2015. As you can see in the chart below, it took nearly three years for bitcoin to return to its old highs…
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Let’s contrast that with the recovery we’re seeing now…
Bitcoin has reclaimed 70% of its old high in just 16 months. That’s about 50% faster than its last sell-off. And if this rebound speed continues, we’ll hit new highs much faster than ever before.
The bottom line is: Bitcoin is becoming less volatile and recovering from its big drawdowns much more quickly.
Based on this, I expect bitcoin to break out to new all-time highs within nine months. But what does that mean for the entire crypto space?
Well, back in 2016 and 2017, people were telling me, “Teeka, why are you recommending these tiny altcoins? Bitcoin will demolish them all.”
Yet I knew once bitcoin recovered, the rest of the altcoin market would play catch-up.
So I started loading up on tiny cryptos for my subscribers. We bought unheard-of names trading at $5–10 million market caps that would go on to be worth billions…
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We’re being presented with that same opportunity today.
While everyone is lamenting the death of altcoins, I’ve been quietly turning my subscribers toward a handful of tiny cryptos already exploding in value. Some of them have already even gone up over 100% this year.
Of course, I’m always a bitcoin bull. It’ll continue to go much higher in our lifetime.
You can think of buying bitcoin like buying Warren Buffett’s Berkshire Hathaway 30 years ago—when it was under $5,000. Today, it trades over $318,000.
So bitcoin is like the granddaddy blue-chip of the crypto space.
But along the way, there will be these tiny plays with massive moves. Market caps of $5–10 million will grow to be worth $1 billion… $5 billion… or even $20 billion. These names are out there—and I’m digging them up for you.
Hopefully, this gives you a little bit of perspective on where we are now… and how much faster bitcoin is recovering versus the last major sell-off in 2014.
Again, I want to stress: We’re at the beginning of a brand-new bull trend in crypto assets. Even though it hasn’t shown up in the altcoin market yet, it will.
So please use this opportunity to judiciously add to your bitcoin position where appropriate. Remember, you don’t need to bet the farm.
And be patient. Because we’re very close to entering this new period. We’ll not only see bitcoin prices break out, but all cryptos break out to levels we haven’t seen in a very long time.
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This is all thanks to a lucrative phenomenon that we won’t see again until 2024. So be sure to mark your calendar for my first LIVE crypto training session of 2019—5 Coins to $5 Million.