What is this even based on?
Technical perspective:
BTC has an apparent downtrend and is respecting it. The price will likely hit near 30,000 according to the current downtrend trajectory, fib retracement tool, 200 ema along with other confirmations. Once it hits this area it is most likely to pull back to trap retail investors even further. Then, it will likely hit previous areas of support, 20,000, 12,000 and 3,100.
Fundamentals rough draft:
From there we will see an will see a reverse to the upside 3000, 12,000, 20,000, to 100,000. This will happen when a better narrative comes out around the new election year when the is US will likely strengthen. The price movement to the upside generally moves in the form of consolidation and pull backs.
Its not looking good for BTC fundamentally now, since the current narrative is WWIII due to Russia and China trying to from a new global currency.
Once bitcoin is regulated and US has more control over crypto currencies this will be a clear bullish indicator to me. This is a rough rough draft of my thesis. Levels are also based on back testing, and data like client positioning/supply and demand etc..
Technical perspective:
BTC has an apparent downtrend and is respecting it. The price will likely hit near 30,000 according to the current downtrend trajectory, fib retracement tool, 200 ema along with other confirmations. Once it hits this area it is most likely to pull back to trap retail investors even further. Then, it will likely hit previous areas of support, 20,000, 12,000 and 3,100.
Fundamentals rough draft:
From there we will see an will see a reverse to the upside 3000, 12,000, 20,000, to 100,000. This will happen when a better narrative comes out around the new election year when the is US will likely strengthen. The price movement to the upside generally moves in the form of consolidation and pull backs.
Its not looking good for BTC fundamentally now, since the current narrative is WWIII due to Russia and China trying to from a new global currency.
Once bitcoin is regulated and US has more control over crypto currencies this will be a clear bullish indicator to me. This is a rough rough draft of my thesis. Levels are also based on back testing, and data like client positioning/supply and demand etc..