Many Chartists and Traders are expecting more downside here, but I hold strong that BTC is set up for one last big rally to mark the top of this run. I am not just thinking in terms of BTC here but also the broader markets as well, especially the S&P-500. If you follow both Crypto and stocks, you would be aware of the correction the SPX had a little over a week ago and it led to predictions of a market crash. This is what you would consider a "Reactionary Response". With unbelievably easy monetary policies and investors taking a more Risk-On stance towards the holiday season, the markets are set up for an immense blow off the top.
What we have seen from the SPX over the last year has been nothing short of making history. With this unbelievably bullish market, I think it is very likely to take BTC with it as it sets up for its blow-off the top. With more risk being taken by investors, it leaves a big inflow of new demand that will bring Bitcoins price much higher from supply shock (Lack of supply).
You have to remember it takes time to consolidate and gain strength. MANY traders are expecting further downside because it is so obvious. You will also hear "the strongest move marks to the strongest trend" ( in this case they think bearish). But it is important to note a strong rise can't happen without a strong fall and in my opinion, the strongest rise was the 80% price increase since July and not the 20% drop in price we have seen so far. Bitcoin is innovation, and its track record can't be argued. FUD will never leave the market, it always will come in the future, but the destination doesn't change because of it.
My prediction is 39k is likely to hold before the next move up.
The absolute worst-case scenario is 36k.
Here is my previous analysis to pair with this one, please check it out to get a big picture of the situation.
You have to remember it takes time to consolidate and gain strength. MANY traders are expecting further downside because it is so obvious. You will also hear "the strongest move marks to the strongest trend" ( in this case they think bearish). But it is important to note a strong rise can't happen without a strong fall and in my opinion, the strongest rise was the 80% price increase since July and not the 20% drop in price we have seen so far. Bitcoin is innovation, and its track record can't be argued. FUD will never leave the market, it always will come in the future, but the destination doesn't change because of it.
My prediction is 39k is likely to hold before the next move up.
The absolute worst-case scenario is 36k.
Here is my previous analysis to pair with this one, please check it out to get a big picture of the situation.
