This analysis is a bit more speculative as I believe it is very hard to predict any securities price-action in the medium-term.
With that said, I am providing on very solid scenario:
BTC has been bullish for 5 weeks in a row, that being one of the longest 'bull-runs' in BTC history, that of which has consisted of many bullish channels. Often BTC breaks these channels, it often re-tests support and turns into another bullish channel. But how long will this cycle continue? As we know, all good things come to an end.
But why now?
]BTC has perhaps broken one of it's biggest upwards channel as seen plotted above but a simple plummet down wouldn't be so smart of market makers to do. Instead, market makers would once again re-test that support and even potentially get a couple wicks past it in order to trigger as much orders as possible to get rid of the buyers and make room for the bear-whales to hop in.
Such wick-hunting at would be perfect because, as I pointed out, BTC (recently) always re-tests the support of channels after break through then forms another bullish channel but things could play out differently this time, BTC could pull it's infamous unpredictability card and a dump could follow shortly after the re-test. This sentiment however is already being expressed by the rest of the market however as time keeps passing by the window for BTC's anticipated Bull-Run may now happen, or at least not yet.
The final reason why BTC will most likely come to a halt in it's bullish price-action may be in anticipation for an event that would almost inevitably drive price higher, that being the Bitcoin Halving that will happen here in May. The best time for price to plummet would be right before such an event so that the market makers don't have to go against the buying pressure that will likely follow the halving and further more create a lower buying zone to provide for more leverage before a bull market.
Conclusion
It only makes sense that price would drop some-time very soon within the next couple weeks. If it does not however, it will officially be the longest bull market in BTC history. And if Bitcoin drops, be ready because because what follows may be just be the bull-run we've anticipated for and the re-start of the 4 years cycle.
Thanks for reading!
With that said, I am providing on very solid scenario:
BTC has been bullish for 5 weeks in a row, that being one of the longest 'bull-runs' in BTC history, that of which has consisted of many bullish channels. Often BTC breaks these channels, it often re-tests support and turns into another bullish channel. But how long will this cycle continue? As we know, all good things come to an end.
But why now?
]BTC has perhaps broken one of it's biggest upwards channel as seen plotted above but a simple plummet down wouldn't be so smart of market makers to do. Instead, market makers would once again re-test that support and even potentially get a couple wicks past it in order to trigger as much orders as possible to get rid of the buyers and make room for the bear-whales to hop in.
Such wick-hunting at would be perfect because, as I pointed out, BTC (recently) always re-tests the support of channels after break through then forms another bullish channel but things could play out differently this time, BTC could pull it's infamous unpredictability card and a dump could follow shortly after the re-test. This sentiment however is already being expressed by the rest of the market however as time keeps passing by the window for BTC's anticipated Bull-Run may now happen, or at least not yet.
The final reason why BTC will most likely come to a halt in it's bullish price-action may be in anticipation for an event that would almost inevitably drive price higher, that being the Bitcoin Halving that will happen here in May. The best time for price to plummet would be right before such an event so that the market makers don't have to go against the buying pressure that will likely follow the halving and further more create a lower buying zone to provide for more leverage before a bull market.
Conclusion
It only makes sense that price would drop some-time very soon within the next couple weeks. If it does not however, it will officially be the longest bull market in BTC history. And if Bitcoin drops, be ready because because what follows may be just be the bull-run we've anticipated for and the re-start of the 4 years cycle.
Thanks for reading!