Yes, I have a bullish bias for BTC.
I am always stacking for the long term. And, yes, I have made a couple of bad bullish calls during this bear market.
With that acknowledgement, there is a nice arc pattern to watch here with multiple touch points.
There is also a clear trend line (black) that broke to the upside, retested, and has held.
Even setting my bias aside, that is a bullish signal.
It is probably a good idea to start or continue stacking for the long term.
Fundamentally, with the global trends we can see happening, there are several ways this can play out, even in a gloomy and uncertain macro environment.
1. As global security regulations become more serious (as is currently being signaled), altcoins sell off hard and crypto enthusiasts crowd into the relative safety of BTC.
2. One or more of the BRIC countries takes a hard public stand in favor of using BTC for international settlements in order to weaken the dollar.
3. Inevitably, the Fed will be printing hard again, sending liquidity up along with all asset prices.
4. Adoption continues in the public sphere, with Twitter and other companies integrating lighting wallets into their apps
I am always stacking for the long term. And, yes, I have made a couple of bad bullish calls during this bear market.
With that acknowledgement, there is a nice arc pattern to watch here with multiple touch points.
There is also a clear trend line (black) that broke to the upside, retested, and has held.
Even setting my bias aside, that is a bullish signal.
It is probably a good idea to start or continue stacking for the long term.
Fundamentally, with the global trends we can see happening, there are several ways this can play out, even in a gloomy and uncertain macro environment.
1. As global security regulations become more serious (as is currently being signaled), altcoins sell off hard and crypto enthusiasts crowd into the relative safety of BTC.
2. One or more of the BRIC countries takes a hard public stand in favor of using BTC for international settlements in order to weaken the dollar.
3. Inevitably, the Fed will be printing hard again, sending liquidity up along with all asset prices.
4. Adoption continues in the public sphere, with Twitter and other companies integrating lighting wallets into their apps
Comment:
One more bullish scenario - and the one I wish for - PEACE IN UKRAINE
Comment:
There are many scenarios. My most likely is that we touch around $19,400 in April, right where the arc meets the black line.
Then begin the march towards the 2021 high, breaking it in 2024.
We are truly living in fun times.
Then begin the march towards the 2021 high, breaking it in 2024.
We are truly living in fun times.
Comment:
The black trend line held as support in the wake of a barrage of attacks on the crypto ecosystem.
And what a rebound!
If this arc pattern holds, BTC will be $50K+ by the end of 2024. Let's keep watching for another confirmation, another touch and bounce from the arc wall. Notice there is still room for short-term lower levels within the arc's range.
And what a rebound!
If this arc pattern holds, BTC will be $50K+ by the end of 2024. Let's keep watching for another confirmation, another touch and bounce from the arc wall. Notice there is still room for short-term lower levels within the arc's range.
Comment:
The longer BTC holds these levels between $26K and
31K
, the higher the support provided by the arc is. As of today, it will provide support at $22,600 and that support is rising every hour.
I really understand the bearish macro sentiment. It's hard to deny the logic of contagion from a broader economic crisis impacting Bitcoin price.
However, this chart continues to play out and it's telling me the the end of 2023 is likely bullish for BTC. I continue to hold my stack and progressively add Sats at select times of weakness (close to the arc wall).
31K
, the higher the support provided by the arc is. As of today, it will provide support at $22,600 and that support is rising every hour. I really understand the bearish macro sentiment. It's hard to deny the logic of contagion from a broader economic crisis impacting Bitcoin price.
However, this chart continues to play out and it's telling me the the end of 2023 is likely bullish for BTC. I continue to hold my stack and progressively add Sats at select times of weakness (close to the arc wall).
