In today's idea, we're going to entertain a "what if" scenario for CRYPTOCAP:BTC: what if the price of Bitcoin does an exact repeat of what happened back in 2019 up until the high in early 2021?
This hypothesis is based off the candle pattern that starts from the 2019 mid-cycle high (1). So, assuming April 2023 was our mid-cycle high of $31,035, it's interesting to note the possibility of further downside continuation for BTC.
From here on out it would be a slow grind down to $16,506 (2), then a sharp move to FWB:25K (3) (which would be an excellent fake out), then a final dump to $10,731 (4). While we aren't expecting (or hoping for) a repeat of the COVID crash that happened in March 2020, it's interesting to note that such a panic could push Bitcoin's price down to 10k- a level that would cause extreme fear and panic.
Lastly, the candle projection takes us just over 100k in early 2025 (5)- a realistic ATH target for Bitcoin in our opinion.
Note that this idea is purely based on a "what if" scenario, and should not be taken as financial advice.
This is not very far fetched at all. In fact, with so many traders expecting a pretty deep drop, I wouldn't be surprised to see things play out pretty close to your chart. Right now price action is slow bleeding, match. Traders are calling for dump as deep as 8k, match. And the timeline can be hit or miss but we know one thing. BTC should def hit 120k by 2025 as long as world politics behave.
yokotom
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So early 2024 we all go again into lockdown to repeat March 2020 and drop price down ????? ahahah
JoyBoyVegae
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That’s the bottom for bitcoin around $10,000 area; somehow could end up bottom into 8000$ zone. Good eye 👍