Advanced Technical Analysis of Bitcoin's Price Movement
Current Situation: Bitcoin has reached a major resistance zone at $42,000 with an RSI of 81, indicating an overbought condition.
Profit-Taking Scenario: People who bought Bitcoin around 24k avg or 40k avg (making around 100% profit or taking the change out) might start selling, leading to a potential price drop.
Possible Price Movements:
If a red candle appears, indicating a selling trend, the price might drop to approximately 24k
Alternatively, there could be a pump towards the $48,000 zone, followed by a correction towards the $31,000 level.
Future Predictions:
During the Bitcoin halving and ETF (Exchange-Traded Fund) approval, the price potentially with time will reach 69k
Following this, I expect the formation of an inverse head and shoulders and a cup and handle pattern, potentially leading Bitcoin towards the $100,000 zone.
ABCD and Expanding Triangle Patterns: from $69,000 to $14,000 suggests a retest of the A and C zones. Additionally, an expanding triangle pattern indicates movement towards point E.
Disclaimer: I am not a financial advisor, indicating that this is a personal analysis and not professional financial advice
Profit-Taking Scenario: People who bought Bitcoin around 24k avg or 40k avg (making around 100% profit or taking the change out) might start selling, leading to a potential price drop.
Possible Price Movements:
If a red candle appears, indicating a selling trend, the price might drop to approximately 24k
Alternatively, there could be a pump towards the $48,000 zone, followed by a correction towards the $31,000 level.
Future Predictions:
During the Bitcoin halving and ETF (Exchange-Traded Fund) approval, the price potentially with time will reach 69k
Following this, I expect the formation of an inverse head and shoulders and a cup and handle pattern, potentially leading Bitcoin towards the $100,000 zone.
ABCD and Expanding Triangle Patterns: from $69,000 to $14,000 suggests a retest of the A and C zones. Additionally, an expanding triangle pattern indicates movement towards point E.
Disclaimer: I am not a financial advisor, indicating that this is a personal analysis and not professional financial advice
Current Situation:
Bitcoin has encountered a significant resistance level at $49,000, accompanied by an RSI suggesting an overbought state.
Profit-Taking Scenario:
Investors who bought Bitcoin at an average price of around $24,000, thereby achieving approximately 100% profit, are starting to sell their holdings. This trend is particularly noticeable among investors who purchased within this price range in 2021. Driven by fears of the price dropping back and losing their opportunity to sell at a profit, their actions could potentially lead to a decline in Bitcoin's price.
Possible Price Movements:
As previously mentioned, Bitcoin reached the $48,000 mark zone, which was then followed by a correction toward the $33,000 and subsequently the $30,000 level.
During this downturn, it presents an opportunity for those who previously missed out on investing in crypto.
Future Predictions:
Referring to the first chart, the Blue line wave symbolizes the Bitcoin halving events, where historically, the price has surged by approximately 750% to 3400%.
The Green wave indicates the end of this cycle, while the Red wave signifies the bottom of Bitcoin's value.
Projecting ahead to the 2026 cycle, and taking into account the next halving event scheduled for April 4, 2024, it is anticipated that Bitcoin's price could ascend to between $160,000 and $290,000.
Disclaimer:
Please note that I am not a financial advisor. This analysis represents my personal viewpoint and should not be considered professional financial advice.
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