gnaveen23

Bitcoin price action : next target !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Technicals :-

1. A reversal at 0.618 Fib level (29K in this instance) has happened in all the previous bull runs in the year immediately following BTC halving, and from this point there has been a great upside.

2. Bitcoin price will need to stay above $44-45K (200 day moving average & 0.382 Fib levels) to continue the uptrend. This is a critical level that indicates an uptrend is more likely to continue.

3. Although, many versions of Wyckoff interpretation has come up in the social media, a consensus prevails that Bitcoin price action is still in the Accumulation Phase.
However, we will need confirmations in the coming weeks, that BTC price action is not leading into any Wyckoff redistribution but an accumulation leading into an uptrend.

4. Assuming the uptrend continues, the next peak could be 1.618 Fib level (around $87K).


Fundamentals :-

1. Bitcoin ETF approval in EU this week

2. Accumulation of Bitcoin by miners and long term holders

3. Unanimous support from the Trio 'Elon Musk', 'Cathie Woods' and 'Jack Dorsey' for cryptocurrencies and their role in future, as part of the B-word conference.

4. High volume of bitcoin outflows from exchanges indicating accumulation in the last 2 weeks

5 Institutional Investors including Hedge Funds looking to increase their allocations towards digital assets (including cryptocurrencies) in the coming years

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