Bitcoin has completed a major move that began in December 2018 and reached an immediate top in November 2021, this move resulted in a significant rise in its price with over 2030% growth.
However, the market is now in a correction phase, it's important to remember that corrections are a normal part of the market cycle. In fact, corrections can provide a good opportunity for investors to accumulate BTC at lower prices and potentially benefit from future price increases. Currently BTC price exhibiting a descending channel pattern. This correction is expected to continue until the price reaches a portion of the chart that is labeled as the major demand zone around $9000. This is a zone where we can expect a lot of buy accumulation.
Looking ahead, we expect the BTC price to continue dropping until it tests the buy-back zone. This zone represents an area where there is strong demand for BTC and can serve as a good entry point for investors. From there, we expect the price to move towards our target, which is shown as an important supply zone.
it's important to conduct your own research before making any investment decisions. Keep an eye on the market trends, patterns and be prepared for any potential scenarios. With patience and a strategic approach, you can navigate the ups and downs of the market and potentially benefit from BTC's long-term growth potential.
Thanks for reading through my findings.
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This was shared last time on BTC still on going.
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Moving as expected for now, we have immediate support not far away again.
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Going perfectly as expected. I will appreciate your comment about this view.
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Bitcoin enrouting wave C
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We should focus more on the supply zone give on the chart as this zone equivalent to the target of the current playing pattern.
Enjoy guys, analysis can not be more clearing than this.
@BrentCampbell, Yeah with all the great news on crypto and companies still going broke and rising interest rates and a recession there's no chance it goes to 9k? I'd say there's more than a 50% chance that it does. But that's just me. Good luck!
clevezarri
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I was thinking below 9 logical thinking it’s just me looking at all the wonderful news look up crypto state news
My bias is that Cycle Wave 1 topped in Nov 2021. Cycle Wave 2 is underway as an ABC. One more new low in late March/early April will be the bottom of Wave A. A multi-month Wave B will be followed by a devastating Wave C that bottoms in 2024 along with the next 4-year cycle low in stocks