This chart path projection is an optimistic play on BTC's path to below support and the $23,000 to $ 24,000 range. It is based on the premise that BTC has never retraced lower than the previous ATH ( last $19,930 in 2017). Also, BTC retraces about 85% after each ATH; following this logic, BTC will have to get to about $155,000 ( Probably reached by September 2023) to then retrace to the above range.
Of course, this is only my speculation based on the known history of BTC, which in comparison to other "currencies" like the dollar, BTC is an infant.
We do not know how BTC's REALISTIC path will play out. However, in my view, it is necessary to keep in mind that there will only be 26 million BTC ever in existence. Compare that to the approximate 2,300 Billion US dollars already in circulation and add the many more to be printed in the future, which is more probable to increase in value?
The future is uncertain; BTC could go to lower numbers than $19,000 if it behaves like any other currency and follow macro trend cycles and geopolitical storms. But if it does do so, it will send all the crypto market to the abyss of hell.
Of course, this is only my speculation based on the known history of BTC, which in comparison to other "currencies" like the dollar, BTC is an infant.
We do not know how BTC's REALISTIC path will play out. However, in my view, it is necessary to keep in mind that there will only be 26 million BTC ever in existence. Compare that to the approximate 2,300 Billion US dollars already in circulation and add the many more to be printed in the future, which is more probable to increase in value?
The future is uncertain; BTC could go to lower numbers than $19,000 if it behaves like any other currency and follow macro trend cycles and geopolitical storms. But if it does do so, it will send all the crypto market to the abyss of hell.
JPC