ARE YOU WILLING TO BET YOUR LIFE ON BITCOIN? - CryptoManiac101
BITCOIN / USD TA
At the time of writing this, overall Bitcoin sentiment on social media is bearish while Longs are still overtaking Shorts positions. With halving behind us and a possible rejection off patter resistance may indicate a bear trend, some may see this as an opportunity to shake out the market with another flash dump which would be followed up by a parabolic wave. With that said we have to look at all possibilities and be very careful at this phase of Bitcoin movement.
BULLISH SCENARIO
We see further drop down, making a potential upside down head n shoulders pattern breaking towards the upside and starting a bull trend some time towards the end of summer this year.
BEARISH SCENARIO
We see further drop down towards $4,000 levels followed up by a slight bounce only to resume further drop below $2,000 levels as we break below the pennant pattern some time in Q3/Q4 of this year as transition costs for Bitcoin continue to grow.
Whether you are a Bitcoin maximalist or hoping that Bitcoin disappears, you can't help but wonder what would happen to the ALTS market if either of the scenarios validates... Will the ALTS follow Bitcoin on its next bull trend just like in 2017? Will ALTS all go to 0 in an event Bitcoin continues on with its correction or will they decoupled ones and for all from the big brother?
All those questions will soon be answered as we continue to watch the crypto market and while Bitcoin might not be suited for a traditional long term investor, we still believe it to be safer than investing in OIL.
At the time of writing this, overall Bitcoin sentiment on social media is bearish while Longs are still overtaking Shorts positions. With halving behind us and a possible rejection off patter resistance may indicate a bear trend, some may see this as an opportunity to shake out the market with another flash dump which would be followed up by a parabolic wave. With that said we have to look at all possibilities and be very careful at this phase of Bitcoin movement.
BULLISH SCENARIO
We see further drop down, making a potential upside down head n shoulders pattern breaking towards the upside and starting a bull trend some time towards the end of summer this year.
BEARISH SCENARIO
We see further drop down towards $4,000 levels followed up by a slight bounce only to resume further drop below $2,000 levels as we break below the pennant pattern some time in Q3/Q4 of this year as transition costs for Bitcoin continue to grow.
Whether you are a Bitcoin maximalist or hoping that Bitcoin disappears, you can't help but wonder what would happen to the ALTS market if either of the scenarios validates... Will the ALTS follow Bitcoin on its next bull trend just like in 2017? Will ALTS all go to 0 in an event Bitcoin continues on with its correction or will they decoupled ones and for all from the big brother?
All those questions will soon be answered as we continue to watch the crypto market and while Bitcoin might not be suited for a traditional long term investor, we still believe it to be safer than investing in OIL.
