going to the good old Moon straight away, or is it time for some retracement? It could, of course, anything is possible for Bitcoin
. 12k in a week, 20k in a month, 100k in 6 months, why not! But who wants to actually buy and hold Bitcoin
, which has very little "real" value in the world of Dollars and Euro
, in a time where everyone is talking about a major economic recession which has only just started. So, in any case, this whole rally is only a game for the bigger players, in order to sell at higher prices and make big profits when Bitcoin
will get dumped. With this in mind, there is one
big ace in the pocket: the famous, all glorious Bitcoin
Halving. It happened two other times in the history of Bitcoin
and it was followed by a huge rise in price. Less supply = higher price, right? only if demand stays the same. But, since most of the retail investors believe in this myth, or at least have hope in it, it's definitely a powerful tool to leverage FOMO and push Bitcoin
to god knows where.
So, I don't think $9,500 is "the peak". But the question is, is it time for some retracement? Or will it just go up in a straight line, ignoring all possible laws of economy and physics, such as gravity?
Looking at technicals, the price is sitting below an importand trend line
, which comes from the last two highs of 13500 and 10000. The line has been touched exactly. It would seem a tiny bit premature to push through it right away. I mean, that line must be worth something! It's an important line after all. We can see that on the 4h MACD
has crossed, which is bearish
. On the weekly, the current candle is flirting with 50 MA. The price already tried to break through $9000 again but it got rejected.
All this said, I assume that it's likely that Bitcoin
is headed to a retracement, to 8000-7800, before another insane push up to 10,500 or 12,000 or god knows where, as I said.
This was my view of a month ago on this rally after the dump, which fundamentally is still valid, although the 8000 that I talked about has already been conquered and surpassed: