This trendline is 10 years old, and Bitcoin is currently retesting it from the opposite direction. If this was the same trendline on the 1h chart, it's likely to go down at this point.
We have multiple touches on this trendline: 2013, 2015, 2015, 2020, and 2022 on the LOG scale. Make sure you switch to LOG scale to see it.
So what now? Will the bears step in and send bitcoin to 10k - 15k? Let me know in the comment section. I look forward to your comments!
But I want to tell you that this trendline is parabolic, and if it is reclaimed and followed, then theoretically the price of Bitcoin will be around 5 000 000 dollars in 2030, which is absolutely almost impossible, and the higher chance is that this world will end than this.
On the chart, you can also see previous halving dates and a prediction for the next halving, which should occur on April 8, 2024. Historically, Bitcoin always goes up after the halving, but we still need to wait more than a year for this event.
Meanwhile, we could experience a huge flash crash to liquidate high-leverage traders with a strong and steep rebound back to 30k. Bitcoin is very volatile, and a 50% or 80% crash is nothing.
I hope you like this short and juicy description. I don't want you to spend too much time reading, so let's get straight to the point.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
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