BTC has just started wave 3 of a supercycle. This wave is getting and will get even more people by surprise. I have seen many desperate people waiting for a decent pullback to get into the market. There are two major groups out there at the moment, the ones calling for a bull trap and the ones calling a retracement which will end at some major resistance (30k, 42k, 48k, 54k). No one (almost no one) is calling for a new ATH this year. BTC had, clearly, 3 major bottoms in the 3k range. from there, it exploded to 69k having two tops very close which in my view is just a deviation. When using larger time frames, we can see that the run from the covid crash to 69K is wave 1 and the drop to 15.5k is wave 2 respecting the 13k / 17k range from the previous top.
I believe that BTC will keep climbing from here without major corrections till close to 90k. This move will happen fast, by EOY. it will get hotter and hotter as most investors will watch resistances being broken and support holding strong. When the FOMO pickup, it will be unstoppable and lots of "Chart Wizards" will have to dance in the hot pot explaining why they were waiting for 12k.
I believe that BTC will keep climbing from here without major corrections till close to 90k. This move will happen fast, by EOY. it will get hotter and hotter as most investors will watch resistances being broken and support holding strong. When the FOMO pickup, it will be unstoppable and lots of "Chart Wizards" will have to dance in the hot pot explaining why they were waiting for 12k.
Comment:
What this market closely. When this resistance is broken, the FOMO will pick up quickly.