What a wild ride it has been for the past months, especially in the weekend. FOMO, FUD, lazer eyes, you name it. Now, the sentiment has quite changed, it's fearful, people are panicking, heck even Elon Musk is panicking (somewhat). But, does that mean it's the end of the BTC bullrun? Well, it's complicated.
I don't personally think we've reached the end of the bull run in general, but, I think Bitcoin's top could be in, if we don't hold this price level depicted above: about 38k to 42k. The 42k level has never truly been backtested before, which always made me uncomfortable, but we have touched it this weekend, with a healthy bounce. It doesn't mean it can't go a bit lower and really find support between those two levels, which make a good entry point for a long.
On top of that, selling pressure is exhausted and the RSI is showing an oversold market. Pretty good indicator that a reversal is imminent. Whether that reversal causes a new all time high or just a retracement to the high 50Ks is up to debate. I won't be the one predicting where the price is gonna go because only time can tell. But from a macro perspective and a chart analysis perspective, it looks like a bottom could be created soon. And if the price does go aggressively high, Bitcoin and the rest of the market could see a big pump, and the crypto bull run would march up again.
What do you think?
I don't personally think we've reached the end of the bull run in general, but, I think Bitcoin's top could be in, if we don't hold this price level depicted above: about 38k to 42k. The 42k level has never truly been backtested before, which always made me uncomfortable, but we have touched it this weekend, with a healthy bounce. It doesn't mean it can't go a bit lower and really find support between those two levels, which make a good entry point for a long.
On top of that, selling pressure is exhausted and the RSI is showing an oversold market. Pretty good indicator that a reversal is imminent. Whether that reversal causes a new all time high or just a retracement to the high 50Ks is up to debate. I won't be the one predicting where the price is gonna go because only time can tell. But from a macro perspective and a chart analysis perspective, it looks like a bottom could be created soon. And if the price does go aggressively high, Bitcoin and the rest of the market could see a big pump, and the crypto bull run would march up again.
What do you think?