Hi Traders!
Bitcoin is currently setting one ATH after another and the highest achieved is already at USD 64,200. How will its price develop further, and which zones are important for growth?
At Bitcoin, I now follow two different scenarios.
1. Rising Wedge
This is a bearish scenario that would not be very pleasant for many investors. On the other hand, it would not be surprising. Bitcoin from the level of 10,000 USD has not yet had a proper retracement and for 7 months we have been monitoring practically only growth. This has happened only 2 times in history and the current trend is record-breaking in several ways. That is why I would not be surprised at all if we witnessed a correction and a decrease of 30% - 40%. If the rising wedge prediction comes true, we should first reach the USD 73,000 level. At this level, we would touch the top of the trend line, which could be a temporary peak.
2. Ascending Triangle
The second scenario is the ascending triangle, in which the top trend line is at the level of USD 61,221. The bottom is the same for both patterns. In this case, we would take the current situation as a break from the triangle. The target would be set at the upper limit of the triangle, coincidentally again at USD 73,000.
Conclusion
The USD 73,000 threshold is clearly absolutely crucial. However, it will probably take some time to reach this level. From the point of view of growth, it will be very important that we do not fall over the bottom of the trend line, same for both scenarios.
May the crypto be with you!
Bitcoin is currently setting one ATH after another and the highest achieved is already at USD 64,200. How will its price develop further, and which zones are important for growth?
At Bitcoin, I now follow two different scenarios.
1. Rising Wedge
This is a bearish scenario that would not be very pleasant for many investors. On the other hand, it would not be surprising. Bitcoin from the level of 10,000 USD has not yet had a proper retracement and for 7 months we have been monitoring practically only growth. This has happened only 2 times in history and the current trend is record-breaking in several ways. That is why I would not be surprised at all if we witnessed a correction and a decrease of 30% - 40%. If the rising wedge prediction comes true, we should first reach the USD 73,000 level. At this level, we would touch the top of the trend line, which could be a temporary peak.
2. Ascending Triangle
The second scenario is the ascending triangle, in which the top trend line is at the level of USD 61,221. The bottom is the same for both patterns. In this case, we would take the current situation as a break from the triangle. The target would be set at the upper limit of the triangle, coincidentally again at USD 73,000.
Conclusion
The USD 73,000 threshold is clearly absolutely crucial. However, it will probably take some time to reach this level. From the point of view of growth, it will be very important that we do not fall over the bottom of the trend line, same for both scenarios.
May the crypto be with you!