Bitcoin for next weeks - possible 86000$ at April 2024
This is an optimistic scenario.
Bitcoin has broken through another key level, the $48,000 zone. This means it has the potential to reach the $61,000-$62,000 levels. That's where the real distribution of Bitcoin began and the altcoin rally in 2021.
It signifies that this is a critical level from which a correction could start.
There's also a trend line extending from the peak in 2017, through the peak in January 2021, to the correction level in February 2021 - although this will be a less significant line.
However, I think too many people will be expecting this and will set up shorts. Whales will like this, so they should be able to break through this zone easily.
Then, the potential for $100k (fibo 1.618) would open up (though it's too obvious a level - a double meaning). Hence, the real level I would expect is $87,000, and that would be the perfect moment for a reaction to the $60,000 - $66,000 levels. Then, maintaining above $60,000 would give potential for further increases (summer 2024 - $120,000) and also signal an alt season.
The pessimistic scenario would likely involve remaining in a zone of mild distribution between $62,000 and $48,300 until April/May 2024.
Bitcoin has broken through another key level, the $48,000 zone. This means it has the potential to reach the $61,000-$62,000 levels. That's where the real distribution of Bitcoin began and the altcoin rally in 2021.
It signifies that this is a critical level from which a correction could start.
There's also a trend line extending from the peak in 2017, through the peak in January 2021, to the correction level in February 2021 - although this will be a less significant line.
However, I think too many people will be expecting this and will set up shorts. Whales will like this, so they should be able to break through this zone easily.
Then, the potential for $100k (fibo 1.618) would open up (though it's too obvious a level - a double meaning). Hence, the real level I would expect is $87,000, and that would be the perfect moment for a reaction to the $60,000 - $66,000 levels. Then, maintaining above $60,000 would give potential for further increases (summer 2024 - $120,000) and also signal an alt season.
The pessimistic scenario would likely involve remaining in a zone of mild distribution between $62,000 and $48,300 until April/May 2024.