The circulation of usable money in the US has changed considerably since the last bull run as a result of FED policies. The amount of usable money in circulation (M2SL), the so-called Monetary BASE 2, has declined since then. Therefore, when considering the BTC/USDT price, you may want to keep this chart in mind (I do).
Looking at the chart, you can see that the BTC/USDT price still hasn't reached the distribution area in the 40-45k range. However, if you look at the BTC/M2SL chart, you can see that this is exactly where it has been mitigated.
If you look at the other BTC/USDT chart I shared, I think you can draw meaningful conclusions.
Note: The red and green arrows on the chart show possible price movements (in my opinion).
The red box is the potential distribution area, and the green box is at least an accumulation zone for a potential reversal.
Looking at the chart, you can see that the BTC/USDT price still hasn't reached the distribution area in the 40-45k range. However, if you look at the BTC/M2SL chart, you can see that this is exactly where it has been mitigated.
If you look at the other BTC/USDT chart I shared, I think you can draw meaningful conclusions.
Note: The red and green arrows on the chart show possible price movements (in my opinion).
The red box is the potential distribution area, and the green box is at least an accumulation zone for a potential reversal.
Comment:
The price in this chart prepared according monetary base of the USA get a good reaction from the extreme of the POI. This could lead to a major pull-back or the start of a reaccumulation phase for breaking the extremes and making new up-trends till ATH. I still expect a good pullback from this zone. However, take a look to my other Btc charts to confirm where we are.