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Melroy89

BTC in accumulation cycle in coming months

Bitcoin (FTX:BTCUSD)  
Melroy89 Updated   
FTX:BTCUSD   Bitcoin
Support and Resistance Seasonality Parallel Channel Bitcoin (Cryptocurrency) bitcoinforecast accumulation halving BTC Cryptocurrency crypto BTCUSD
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supportandresistance seasonality parallelchannel bitcoin bitcoinforecast accumulation halving btc cryptocurrency crypto btcusd
Key takeaways:

  • Bitcoin entered accumulation phase for several months;
  • Bottom can be as low as 10k, due to recession and other external factors;
  • Big resistances at 30k, 40k and 50k (see resistance and support lines);
  • Bitcoin halving Mar 2024 will cause a new bull-run;
  • Disclaimer: If Bitcoin ETF will be approved, major upside will be inevitable. causing the premature exiting of the accumulation cycle.
Comment:
Despite the nasty market downturns, nothing has changed to this story. It's still valid accumulation for at least 1 year.
Comment:
(Grayscale) Bitcoin ETF is rejected. Which is bearish of course. So accumulation cycle is still unchanged.
Comment:
BlackRock is starting to invest hard into BTC. This could and will drive demand enormously. If BlackRock's traded fund will be approved, this will cause the price to go to 250k without issue. And most likely much higher.
Comment:
We are going to support level #3.
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