This is just an idea. A lot of people are posting charts calling for $100K+ in the next couple months. Some people are calling for $10k in the next couple months. Theres a chance, We can get caught up in this triangle and go sideways for several months up to a little over a year ranging from $41k - $57k.
Theres a lot of things happening currently that support this theory fundamentally too.
While bitcoin is definitely looking bullish, more adoption. We are still waiting for big institutions and banks to add it on their balance sheets.
We wont get $200K + bitcoin til that happens.
Feds printing money, interests rates, stock market crash fear and even Omicron (Covid-19). Is leaving everybody with a lot of uncertainty.
This is why prices can range from $41k -$57k til January 2023, until we have a better understanding of where the crypto and stock market is heading.
I'm not saying this is going to happen. It's a theory. Theres a long support line dating back from 2017 that will keep us above the $10k level.
Right now were stuck in this triangle, if it breaks support of $40k, it looks like we will head back to $10k area.
If it breaks resistance of $57k, then we will continue the bull run and theres no telling how high it will go until that time comes.
A little curve ball, if bitcoin breaks the multi year support line at $10k, it is officially RIP Bitcoin. But, we are nowhere near that in any way shape or form.
Cheers!
Theres a lot of things happening currently that support this theory fundamentally too.
While bitcoin is definitely looking bullish, more adoption. We are still waiting for big institutions and banks to add it on their balance sheets.
We wont get $200K + bitcoin til that happens.
Feds printing money, interests rates, stock market crash fear and even Omicron (Covid-19). Is leaving everybody with a lot of uncertainty.
This is why prices can range from $41k -$57k til January 2023, until we have a better understanding of where the crypto and stock market is heading.
I'm not saying this is going to happen. It's a theory. Theres a long support line dating back from 2017 that will keep us above the $10k level.
Right now were stuck in this triangle, if it breaks support of $40k, it looks like we will head back to $10k area.
If it breaks resistance of $57k, then we will continue the bull run and theres no telling how high it will go until that time comes.
A little curve ball, if bitcoin breaks the multi year support line at $10k, it is officially RIP Bitcoin. But, we are nowhere near that in any way shape or form.
Cheers!