So many crypto guru's will stone you to death if you speak negatively on BTC! I'm never the one to marry my bias or not believe what the chart is telling me.
Here, I used the weekly chart on BTC to break it down from a longterm perspective. Since 2021, I've been trying to explain to people through charting that BTC WAS NOT going to a 100k in 2021!!
Had so many people try to fundamentally explain to me how BTC was headed for a 100k. From a technical perspective, it just didnt make sense to me. Even coming to the close of the year, late October if I recall. A lot of guru's were
yelling 100k!
BTC broke out during & after the U.S election in 2020. It indeed went on a tear making a new ATH of 64k. We all remember the Pullback/Price Correction it went through from April-July 2021.
It consolidated around 28k, where heavy buyers sat. Price then bounced and pushed to a new all-time high of 69k by Nov 2021. It was during this time when people where screaming to the top of the twitter fingers, 100k!!
BTC printed a "pseudo" double top and rejected and reversed down the week of Nov 15th. It hasn't printed a higher high since being that it entered a downtrend shortly after.
It currently is still trading around its support level of 30k. BTC printed 2 bear legs down so far on its weekly chart. I could see some stagnation here for a period of time.
BTC, may or may not create a 3rd bear leg down, if so It may reverse slightly before doing so. As of now, I have an overall downside level of 20k.
Bullish sentiment is nowhere to be found AS OF NOW from a mid to longterm perspective. To be considered TRULY bullish, BTC would have to at least clear 50k, until then hedge your investment.
Here, I used the weekly chart on BTC to break it down from a longterm perspective. Since 2021, I've been trying to explain to people through charting that BTC WAS NOT going to a 100k in 2021!!
Had so many people try to fundamentally explain to me how BTC was headed for a 100k. From a technical perspective, it just didnt make sense to me. Even coming to the close of the year, late October if I recall. A lot of guru's were
yelling 100k!
BTC broke out during & after the U.S election in 2020. It indeed went on a tear making a new ATH of 64k. We all remember the Pullback/Price Correction it went through from April-July 2021.
It consolidated around 28k, where heavy buyers sat. Price then bounced and pushed to a new all-time high of 69k by Nov 2021. It was during this time when people where screaming to the top of the twitter fingers, 100k!!
BTC printed a "pseudo" double top and rejected and reversed down the week of Nov 15th. It hasn't printed a higher high since being that it entered a downtrend shortly after.
It currently is still trading around its support level of 30k. BTC printed 2 bear legs down so far on its weekly chart. I could see some stagnation here for a period of time.
BTC, may or may not create a 3rd bear leg down, if so It may reverse slightly before doing so. As of now, I have an overall downside level of 20k.
Bullish sentiment is nowhere to be found AS OF NOW from a mid to longterm perspective. To be considered TRULY bullish, BTC would have to at least clear 50k, until then hedge your investment.