I am currently positioned short with a target of 43k in the shorter term. 73k stoploss. My reasoning for this position is stated in my previous analysis.
This analysis, however, is my reasoning for a possible 22k target by the end of this summer.
1. The lower, orange moving average on the CT Reverse Pi cycle top indicator is moving upwards at a higher rate than expected. This could lead to a break of this moving average very soon followed by it becoming resistance as shown in my chart.
2. Mostly Everyone is expecting a continuation of the bullrun from this ATH area. Therefore, since I consider myself a contrarian thinker, I believe lower is more likely. 22k would solidify the idea that bitcoin puts in a double bottom in every cycle, thus making a 22k target no different than any other cycle. This would also be contrarian to the thinking that bitcoin has to pump immediately after the halving.
3. Everyone thinks bitcoin double bottomed in 2020 because of a black swan like covid. I would have to disagree in that 2015 also put in a double bottom, yet there was no black swan.
Therefore, it is perfectly within the realm of normalcy for bitcoin to touch 22k by the end of this summer.
I hope you are having a blessed Resurrection day!
-Handy
This analysis, however, is my reasoning for a possible 22k target by the end of this summer.
1. The lower, orange moving average on the CT Reverse Pi cycle top indicator is moving upwards at a higher rate than expected. This could lead to a break of this moving average very soon followed by it becoming resistance as shown in my chart.
2. Mostly Everyone is expecting a continuation of the bullrun from this ATH area. Therefore, since I consider myself a contrarian thinker, I believe lower is more likely. 22k would solidify the idea that bitcoin puts in a double bottom in every cycle, thus making a 22k target no different than any other cycle. This would also be contrarian to the thinking that bitcoin has to pump immediately after the halving.
3. Everyone thinks bitcoin double bottomed in 2020 because of a black swan like covid. I would have to disagree in that 2015 also put in a double bottom, yet there was no black swan.
Therefore, it is perfectly within the realm of normalcy for bitcoin to touch 22k by the end of this summer.
I hope you are having a blessed Resurrection day!
-Handy