Everyone is currently euphoric regarding Bitcoin, as it just breached 60k. We are shouting ATH from the rooftops as everyone gets excited. The Fear & Greed index is now at extreme greed, with a value of 82/100 at the time of writing.
People are saying that we have never been so bullish before a halving, but this is not the case. In 2016, we went up 80% for 4 weeks just before the halving. Now, we are up "only" 60%, just before the halving.
We've just had one of the largest weekly and monthly candles in Bitcoin for the last year, but, the volume doesn't support it. It is lower than all other volumes going all the way back to October 2023. We have been due to a correction, and 31k seemed to be the main support for quite a while, but we never re-tested it.
That support now seems impossible to go back to again. Most people would expect a pullback to maybe 50k, 45k, or at worst 38k-40k.
However, a retest to 31k would be one of the healthiest things for Bitcoin to form proper market structure. And coincidentally, it would form a huge head & shoulders pattern that is projected to reach about 100k.
People are saying that we have never been so bullish before a halving, but this is not the case. In 2016, we went up 80% for 4 weeks just before the halving. Now, we are up "only" 60%, just before the halving.
We've just had one of the largest weekly and monthly candles in Bitcoin for the last year, but, the volume doesn't support it. It is lower than all other volumes going all the way back to October 2023. We have been due to a correction, and 31k seemed to be the main support for quite a while, but we never re-tested it.
That support now seems impossible to go back to again. Most people would expect a pullback to maybe 50k, 45k, or at worst 38k-40k.
However, a retest to 31k would be one of the healthiest things for Bitcoin to form proper market structure. And coincidentally, it would form a huge head & shoulders pattern that is projected to reach about 100k.