This is a continuation of my previous idea, which you can find here:
So to the point, in my previous analysis I indicated a possible bottoming point for the current correction but did not outline how this might occur. If you look at the chart I drew two parallel channels. Both have the same width and as you can see they fit perfectly with the candles on the chart.
You can also see that the last candle is struggling to break through the central trendline. In my opinion, it will fail to break through and we will see a drop to around $11,500 over the next month.
After that, I bet on a relief rally until September, where the price should stop at around $23.5 thousand - exactly at the middle line of the red channel (Level 3). If this works out we will be dealing with a real dead cat bounce.
Given the above, Bitcoin should fall over the next few months all the way down to the devilish level around $6.66 thousand hitting the bottom trendline of the red channel.
From that point, I think there will be no further declines and Bitcoin will begin a long accumulation phase and perhaps we will see a jump to the "Level 4" channel within the next few years.
The above analysis is only my personal opinion and should not be taken as financial advice.
P.S. The vertical dashed line marking the bottom indicates the month of December 2022 as opposed to the same line from my previous entry (January 2023). This is a result of rounding candles when displaying a different time interval (weeks vs months).
So to the point, in my previous analysis I indicated a possible bottoming point for the current correction but did not outline how this might occur. If you look at the chart I drew two parallel channels. Both have the same width and as you can see they fit perfectly with the candles on the chart.
You can also see that the last candle is struggling to break through the central trendline. In my opinion, it will fail to break through and we will see a drop to around $11,500 over the next month.
After that, I bet on a relief rally until September, where the price should stop at around $23.5 thousand - exactly at the middle line of the red channel (Level 3). If this works out we will be dealing with a real dead cat bounce.
Given the above, Bitcoin should fall over the next few months all the way down to the devilish level around $6.66 thousand hitting the bottom trendline of the red channel.
From that point, I think there will be no further declines and Bitcoin will begin a long accumulation phase and perhaps we will see a jump to the "Level 4" channel within the next few years.
The above analysis is only my personal opinion and should not be taken as financial advice.
P.S. The vertical dashed line marking the bottom indicates the month of December 2022 as opposed to the same line from my previous entry (January 2023). This is a result of rounding candles when displaying a different time interval (weeks vs months).
