Bitcoin is oversold and sellers are EXHAUSTED.
Bitcoin is showing a swing high, swing low pattern that is similar to beginning of 2021 and mid-2021.
This makes it so hard to be bearish...
Bitcoin's technical indicators, on-chain analytics, historical data, and short-term fundamental outlook is becoming increasingly bullish by the day.
WHAT HAS HAPPENED OVER THE PAST YEAR?
- Bitcoin rallied (swung high) to $40K Q121
- When that happened, the market was in intense euphoria and extreme greed
- Then, it fell to $30K (causing fear)...
...Shortly thereafter, Bitcoin soared to new ATHs- $64K!
- More recently, Bitcoin rallied (swung high) to ~$52K in Q3 of 2021
- Once more, causing extreme greed at the high of the swing
- Now, it has fallen to $40K (causing fear)
- Bitcoin has retraced to $40K (prices not seen since last year!) and market sentiment is overall bearish and there is extreme fear and panic
So, will history repeat itself? Will Bitcoin soar to new ATHs?
The pattern we are looking at it is very similar... IMO, We could see Bitcoin grind down to $40K, and then rally to T-1 ($58K) and swing low again to $40-44K region before rallying to new ATHs ($90K price target). T-2 ($69K) would reclaim prior ATHs and if it flips to support, Bitcoin will rocket towards $100K.
If it does that...
- The BROADER MARKET SUPPORT is a key TL that will need to hold if bulls want to see new ATHs
- Falling below The Broader Market Support will break the bullish market structure and cause a bear market
- RSI signaled bearish divergence in the beginning of 2021 and Q421... something to watch*
- RSI was choppy during the slow grind down to ~$30K in summer
- MACD will show a bearish cross into a final rally and then it will be met with resistance at ATHs and sell off into the bear market
*if RSI forms bearish divergence, it would be smart to start to unload profits...
Bitcoin is going to shock the world by recovering to an unprecedented rally to new ATHs. The patient will be rewarded. HODL!
Good Luck,
- Mr. Bitcoin Baron
Bitcoin is showing a swing high, swing low pattern that is similar to beginning of 2021 and mid-2021.
This makes it so hard to be bearish...
Bitcoin's technical indicators, on-chain analytics, historical data, and short-term fundamental outlook is becoming increasingly bullish by the day.
WHAT HAS HAPPENED OVER THE PAST YEAR?
- Bitcoin rallied (swung high) to $40K Q121
- When that happened, the market was in intense euphoria and extreme greed
- Then, it fell to $30K (causing fear)...
...Shortly thereafter, Bitcoin soared to new ATHs- $64K!
- More recently, Bitcoin rallied (swung high) to ~$52K in Q3 of 2021
- Once more, causing extreme greed at the high of the swing
- Now, it has fallen to $40K (causing fear)
- Bitcoin has retraced to $40K (prices not seen since last year!) and market sentiment is overall bearish and there is extreme fear and panic
So, will history repeat itself? Will Bitcoin soar to new ATHs?
The pattern we are looking at it is very similar... IMO, We could see Bitcoin grind down to $40K, and then rally to T-1 ($58K) and swing low again to $40-44K region before rallying to new ATHs ($90K price target). T-2 ($69K) would reclaim prior ATHs and if it flips to support, Bitcoin will rocket towards $100K.
If it does that...
- The BROADER MARKET SUPPORT is a key TL that will need to hold if bulls want to see new ATHs
- Falling below The Broader Market Support will break the bullish market structure and cause a bear market
- RSI signaled bearish divergence in the beginning of 2021 and Q421... something to watch*
- RSI was choppy during the slow grind down to ~$30K in summer
- MACD will show a bearish cross into a final rally and then it will be met with resistance at ATHs and sell off into the bear market
*if RSI forms bearish divergence, it would be smart to start to unload profits...
Bitcoin is going to shock the world by recovering to an unprecedented rally to new ATHs. The patient will be rewarded. HODL!
Good Luck,
- Mr. Bitcoin Baron
