Giving many reasons although elliot wave shows that 24K is the bottom ( the top of wave 1 ) ..but due to that Federal Reserve won't cut interest rates until next year 2024 and the giving CPI data was above 3.5% ( inflation year over year) there is a high possibility that we are going to see a lower price for btc lower than 24k.
secondly … the Bitcoin ETF coming after a month, which will create market manipulation so big whales can buy cheaper Bitcoins and at the lowest point so they can grab more assets.
Thirdly is the Bitcoin CME gap which is around $21,000 to 22,000.
4th reason is the death cross which is ( the 50 moving average is below the 200 moving average) technical indicator.
--------------------------------------------------------------------
Bull market will come near the halving date which is April 2024, based on historical movement the range of 21-31k cannot be easily broken to 35,000 again so soon unless good news are out regard inflation and interest rates CUT, and the gap should be filled at 21,000 which is a good indicator because it must be filed this year it's better than to be filled after two years. 85% of the times gaps are filled eventually even after 1 – 2 years.
My initial projections for 2025:
The top of the next bull market is between 135 to 170k per Bitcoin and this is my personal projection I will do another analysis when Bitcoin meets another Elliott wave,” wave 1 “ at least… and when Bitcoin is making a new all-time ! and high of course the picture will be more clear and price targets are more accurate at this level.
secondly … the Bitcoin ETF coming after a month, which will create market manipulation so big whales can buy cheaper Bitcoins and at the lowest point so they can grab more assets.
Thirdly is the Bitcoin CME gap which is around $21,000 to 22,000.
4th reason is the death cross which is ( the 50 moving average is below the 200 moving average) technical indicator.
--------------------------------------------------------------------
Bull market will come near the halving date which is April 2024, based on historical movement the range of 21-31k cannot be easily broken to 35,000 again so soon unless good news are out regard inflation and interest rates CUT, and the gap should be filled at 21,000 which is a good indicator because it must be filed this year it's better than to be filled after two years. 85% of the times gaps are filled eventually even after 1 – 2 years.
My initial projections for 2025:
The top of the next bull market is between 135 to 170k per Bitcoin and this is my personal projection I will do another analysis when Bitcoin meets another Elliott wave,” wave 1 “ at least… and when Bitcoin is making a new all-time ! and high of course the picture will be more clear and price targets are more accurate at this level.