BTC/USD -Enter the Bull Run all the Way Up to 111k
In our BTC/USD forecast and recommendations for taking a bullish position, we employ:
1) a 1-week time frame,
2) a 120-week Simple Moving Average (SMA), and
3) Fibonacci retracements drawn from the low of $0 to the all-time high of $68,991 attained in November 2021.
Recently, the BTC/USD pair demonstrated a robust rebound from the 0.236 Fibonacci retracement line,
which might foretell a potential upswing in the light of Bitcoin's historical price behavior.
The current trading price at $27,300 suggests a likely accumulation phase.
Therefore, we recommend initiating a long position right now, below the $30,000 mark.
This entry point is determined by the recent bounce off the Fibonacci level and the prevailing bullish market sentiment.
We place stop loss at about 15k, willing to accept 50% loss, if price moves against us.
We will use no more than 25% of our total portfolio value to place this long and long-term trade.
We advocate for expanding this position if the price surpasses $35,000, on a weekly close. 35k corresponds to the current value of the 120-week SMA, and breaking this resistance
would further validate the ongoing upward momentum. We project this movement to occur ahead of Bitcoin's halving event slated for April 27, 2024.
We propose the first profit-taking target around the previous all-time high of $70,000.
Given Bitcoin's track record following halving events, this target is feasible and likely within a mid-term timeline.
Our second profit-taking target is pegged around $111,000, coinciding with the 1.618 Fibonacci line. Hitting this target would signify a significant bull run and a substantial achievement for Bitcoin.
Judging from Bitcoin's historical price action and growth trajectory, we predict this target could be reached by the close of 2028.
www.tradingview.com/chart/VyWPL9LJ/
1) a 1-week time frame,
2) a 120-week Simple Moving Average (SMA), and
3) Fibonacci retracements drawn from the low of $0 to the all-time high of $68,991 attained in November 2021.
Recently, the BTC/USD pair demonstrated a robust rebound from the 0.236 Fibonacci retracement line,
which might foretell a potential upswing in the light of Bitcoin's historical price behavior.
The current trading price at $27,300 suggests a likely accumulation phase.
Therefore, we recommend initiating a long position right now, below the $30,000 mark.
This entry point is determined by the recent bounce off the Fibonacci level and the prevailing bullish market sentiment.
We place stop loss at about 15k, willing to accept 50% loss, if price moves against us.
We will use no more than 25% of our total portfolio value to place this long and long-term trade.
We advocate for expanding this position if the price surpasses $35,000, on a weekly close. 35k corresponds to the current value of the 120-week SMA, and breaking this resistance
would further validate the ongoing upward momentum. We project this movement to occur ahead of Bitcoin's halving event slated for April 27, 2024.
We propose the first profit-taking target around the previous all-time high of $70,000.
Given Bitcoin's track record following halving events, this target is feasible and likely within a mid-term timeline.
Our second profit-taking target is pegged around $111,000, coinciding with the 1.618 Fibonacci line. Hitting this target would signify a significant bull run and a substantial achievement for Bitcoin.
Judging from Bitcoin's historical price action and growth trajectory, we predict this target could be reached by the close of 2028.
www.tradingview.com/chart/VyWPL9LJ/
Comment:
compare to our previous prediction of all time high.
in that analysis done in Sept 2020 we were accurate in the prediction of Nov 2021 as the ATH, but our target proved to be too conservative, at 24 k.
