This is a very basic price prediction of a possible bullish scenario on BTC's medium to long-term future. Hope you find some value :)
Via some basic chart analysis, I've pointed out a few bullish aspects of bitcoins current price action.
A. The majority of the wick of the initial sell-off has been filled.
B. Price is descending which indicates we are likely to reverse.
C. We have a nice large double bottom formation with wicks in favour of more upside.
D. After the double bottom we formed a morning star candle formation which can indicate a reversal.
Now in regards to my prediction, I'm speculating that we could be in an accumulation/consolidation phase right now and could stay between the bracket of 35k USD to 39k USD for a week give or take.
Price will then break back above the 200 EMA and likely find some resistance around the 42k USD level, this will push bitcoin's price back down to around the 40k USD level before finding some support via the EMA. This will confirm a bullish trend is still in play and likely give the price a swift pump to the upside targeting the 47k USD levels.
At this level, we will probably encounter some resistance causing a healthy pullback to occur of between -5% and -9% before bulls regain control and carry on the pursuit of the ATH.
As we approach the 60k USD level I believe there are 3 scenarios that can play out and I will explain each one.
1. The bulls encounter very light resistance and manage to smash through the 60k USD level and breakout the ATH around late Sept, early Oct.
2. The bulls encounter minor resistance but still enough to cause a shakeout. We could see a sell-off of between -5% and -8% to around the 57k USD level before buying pressure increases breaking out the ATH in early November.
3. The bulls encounter significant bearish pressure around the 60k USD level causing a much harsher liquidation to occur, this could result in a loss of around -15% taking the bitcoin price down to the 200 EMA around the 52k USD level before finding some support. We would then see a much slower climb to the ATH resulting in a break of the 65k USD occurring between late December and early January 2022.
No matter which scenario takes place I believe BTC is going to have an aggressive 2022 and is likely to hit 100k USD +
Via some basic chart analysis, I've pointed out a few bullish aspects of bitcoins current price action.
A. The majority of the wick of the initial sell-off has been filled.
B. Price is descending which indicates we are likely to reverse.
C. We have a nice large double bottom formation with wicks in favour of more upside.
D. After the double bottom we formed a morning star candle formation which can indicate a reversal.
Now in regards to my prediction, I'm speculating that we could be in an accumulation/consolidation phase right now and could stay between the bracket of 35k USD to 39k USD for a week give or take.
Price will then break back above the 200 EMA and likely find some resistance around the 42k USD level, this will push bitcoin's price back down to around the 40k USD level before finding some support via the EMA. This will confirm a bullish trend is still in play and likely give the price a swift pump to the upside targeting the 47k USD levels.
At this level, we will probably encounter some resistance causing a healthy pullback to occur of between -5% and -9% before bulls regain control and carry on the pursuit of the ATH.
As we approach the 60k USD level I believe there are 3 scenarios that can play out and I will explain each one.
1. The bulls encounter very light resistance and manage to smash through the 60k USD level and breakout the ATH around late Sept, early Oct.
2. The bulls encounter minor resistance but still enough to cause a shakeout. We could see a sell-off of between -5% and -8% to around the 57k USD level before buying pressure increases breaking out the ATH in early November.
3. The bulls encounter significant bearish pressure around the 60k USD level causing a much harsher liquidation to occur, this could result in a loss of around -15% taking the bitcoin price down to the 200 EMA around the 52k USD level before finding some support. We would then see a much slower climb to the ATH resulting in a break of the 65k USD occurring between late December and early January 2022.
No matter which scenario takes place I believe BTC is going to have an aggressive 2022 and is likely to hit 100k USD +