Following the Volume Profile fixed Range Daily analysis for the year 2023 and the order blocks, an area that could represent the bottom in 2024 for Bitcoin could be the area of 26200-26700.
Having the important confluence, we believe that the bottom in 2024 for Bitcoin could be in this area. Of course, some negative news is needed to be able to bring the price back to that area. Certainly the market makers will want to re-accumulate at better prices and must create panic through retail. Areas where a back swan could come from could be CZ Binance, regulation or interest rate cuts.
Having the important confluence, we believe that the bottom in 2024 for Bitcoin could be in this area. Of course, some negative news is needed to be able to bring the price back to that area. Certainly the market makers will want to re-accumulate at better prices and must create panic through retail. Areas where a back swan could come from could be CZ Binance, regulation or interest rate cuts.