BTC is once again trying to take the log-regressed fib line that it bounced off of hard before. We've already reflected off once, but weakly, and we look to be moving up again. If we can close the weekly above that line the ATH if not higher is next. Next fib is sitting near 67k, and will likley be a good bit higher by the time we move to take it, assuming we do. In All previous Halving cycles we've managed to go all the way up to the top white line. To have any chance of doing that we still need to take the orange line. If we do 130k+ btc next year is still very much on the table as indicated in my original BTC model. We are still on track, tho we are a little lower than I'd like to see. The lengthening cycles theory I'm running with covers this, we're just on the low end of my estimates.
Comment:
Well, we're still on/above the line. If we close above it today that's a very bullish sign, but at the same time we are essentially still just testing it and we could reflect off of it hard again early into the coming week. There are various indicators on the 1D that could use a cooldown, (fisher, MFI, rsi, stoch all very high on the 1D, high up in the BB's on the 1D) There's still room on the 4hr to the top, but it seems likley that we will see another decent correction soon. I do believe that we will continue higher after that. Until we can close significantly above that green line the bull run to 100k is effectively stalled. The more we test it, the easier it will be to break through it. Previous ATH is near, be patient. It's not going to be easy or fast anymore.
Going much higher is also possible, this is btc after all. We do already seem to be back up to the line in just a few minutes...