After studying the long term Bitcoin chart I noticed something... that during the optimism phase, or the early part of the bull run, price will ramp up finding support along a trendline. Price then, during the euphoria phase, will move up significantly higher than this trendline, but during the bear market it will eventually capitulate below this trendline before it starts to re-accumulate. However, price never goes back above this trendline, and finds it as resistance in the future.
The price of Bitcoin just recently capitulated below its most recent support trendline. It should now find this as resistance in the future. This means that any projections claiming that price will make a significant move higher in the near future are most likely just not going to play out. With history as a guide, it looks like the next year or so will be pretty boring.
I believe that price will chop sideways for while. We will most likely get wild swings up and down as traders stand to make a lot of money on these moves. Most likely though, price will not be making a new all time high above $69k before the next halving. Once we get past the next halving in 2024, then we will enter the next blow off top phase where price will move above the past all time high, but as it moves up it will meet the old support line, now turned resistance, and when it does that will be the sign that it is topping out. Assuming this happens sometime in the first half of 2025, depending on when it happens it looks like the next topping price could be anywhere between about $200k-$300k.
Not what a lot of people are probably wanting to hear, but this is the reality of this market. Let me know what you think of this idea, thank you, and best of wishes!
The price of Bitcoin just recently capitulated below its most recent support trendline. It should now find this as resistance in the future. This means that any projections claiming that price will make a significant move higher in the near future are most likely just not going to play out. With history as a guide, it looks like the next year or so will be pretty boring.
I believe that price will chop sideways for while. We will most likely get wild swings up and down as traders stand to make a lot of money on these moves. Most likely though, price will not be making a new all time high above $69k before the next halving. Once we get past the next halving in 2024, then we will enter the next blow off top phase where price will move above the past all time high, but as it moves up it will meet the old support line, now turned resistance, and when it does that will be the sign that it is topping out. Assuming this happens sometime in the first half of 2025, depending on when it happens it looks like the next topping price could be anywhere between about $200k-$300k.
Not what a lot of people are probably wanting to hear, but this is the reality of this market. Let me know what you think of this idea, thank you, and best of wishes!
