Chart of the Day - Monday, November 30th, 2020

Today's Chart of the Day was shared by David Keller (@DKellerCMT). It's a chart of Bitcoin over the past four years. Bitcoin officially printed an all-time high today for the first time since peak crypto-mania three years ago. As we know, nothing wakes up animal spirits quite like all-time highs, especially for an asset that has a cult-like following. With that in mind, it's no surprise that we're starting to hear people make some pretty aggressive predictions for Bitcoin. One analyst at Citibank recently said it could surpass $300k by this time next year. While Bitcoin may get there eventually, David offers us a much more realistic price target for Bitcoin in the coming months, around $37k. David arrived at this target by taking the height of the base (~$17k) and adding it to the breakout price (~$20k). A $37k price target represents about 85% potential upside from current prices.