Finally, Bitcoin closing in on $22,000

Bitcoin is now closing on a lower price target I have mentioned in past writings, being the $22,000 level.

The chart below revises that target as being $22,500, give or take $300 either way.

It’s getting close, for today’s low is 

$23,892 or $23,707 depending which exchange you are watching.

However, the main message is not about buying cryptocurrencies but instead using Bitcoin as an indicator of risk appetite.

The S&P 500 and Nasdaq should have commensurate swoon.

Irrespective, whether such targets are 3% or 7% away, it’s telling me that it is close and good enough.

Especially if you are taking a longer-term horizon.

June 13, 2022

by Rob Zdravevski

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