Let's address the common question here:- Has Bitcoin already reached its peak, or is there still more potential for growth?
Taking a look at the chart, Bitcoin (BTC) is presently trading near the 35-day Exponential Moving Average (EMA), a level that often serves as a short-term support for price bounces. The subsequent support level could be around the .382 Fibonacci retracement level, approximately at the 60.2k mark. Interestingly, this level coincides with the 65-day EMA, suggesting a robust support zone. Therefore, it's plausible to anticipate price consolidation between these EMAs, influenced by both lower time frame (LTF) and higher time frame (HTF) support levels.
Moreover, a potential catalyst for a breakout could be the upcoming halving event. Historically, Bitcoin has experienced price rallies following halving events due to decreased supply issuance. This suggests a possibility of upward momentum post-halving.
However, it's important to remember that no one knows with full certainty what will happen; this is all speculation. In summary, considering these factors, two plausible short-term scenarios have been outlined in the chart which I think can play out in the next few weeks!
DYOR, NFA
Please hit the like button to show your support. I will keep this chart updated and will post more this week.
Agree, the history it will be repeat because the momentum bitcoin now is weakness. Need some healthy correction before making new ATH.
x484f444c
⋅
Seems pretty solid in the 60k zone. I have no technical analysis to back this, but I'm very skeptical about seeing anything sub-60k barring a large external event.
Probably more importantly: usually we see lots of activity in the months post-halving, so I see now as the calm before the storm.
Let's also not forget that pretty much *all* of the growth in recent months has been driven by retail investors - not ETF related pressure! It's going to be insane once the fund managers start getting the green light.. We'll be seeing suns instead of candles. 🚀🚀🚀