BTC Short term bearish scenario with major recovery in February?
While this may be an unpopular perspective, I wanted to present a potential bearish scenario where BTC continues to follow the same path of the May/June 2021 downturn, reaches a point of maxx pain @ US$40k by end of January 2022 and then exacts a strong recovery back to ATH post March 2022.
Reviewing the last time we had a major dip from an ATH in May 2022, and using the same fractal, we could see further choppy price action down towards the 50w EMA, which would turn into support by end of Jan 2022, and this would reach a price of around US$40k as a very worst case (maxx pain) scenario with heavy support, since historically (according to Benjamin Cowen - Into the Cryptoverse analysis) we have never gone below a prior price at which the Bull Market Support Band held, like in September/October 2021.
Expecting a nice bounce from US$40k back to the US$53k level, we would then likely need a few attempts to break the US$53k level, after which US$64-65k would be the next price target (60% increase from the US$40k level) or we may even continue to push through that to a new ATH.
While this is extremely conservative and things are looking quite bullish today, for those who are concerned about continued downside risk, at least this hopefully represents a not too scary maxx pain possible worst case scenario from which, if it plays out, we would make a strong recovery into 2Q 2022.
Reviewing the last time we had a major dip from an ATH in May 2022, and using the same fractal, we could see further choppy price action down towards the 50w EMA, which would turn into support by end of Jan 2022, and this would reach a price of around US$40k as a very worst case (maxx pain) scenario with heavy support, since historically (according to Benjamin Cowen - Into the Cryptoverse analysis) we have never gone below a prior price at which the Bull Market Support Band held, like in September/October 2021.
Expecting a nice bounce from US$40k back to the US$53k level, we would then likely need a few attempts to break the US$53k level, after which US$64-65k would be the next price target (60% increase from the US$40k level) or we may even continue to push through that to a new ATH.
While this is extremely conservative and things are looking quite bullish today, for those who are concerned about continued downside risk, at least this hopefully represents a not too scary maxx pain possible worst case scenario from which, if it plays out, we would make a strong recovery into 2Q 2022.