Bitcoin dropped down to 38k while everyone was extremely bearish after the "sell the news" event of the ETF. I saw people say 32k next, 28k is a magnet, blah blah blah. The fact of the matter is that below 30k is nearly impossible at this point considering how many catalysts are to come for Bitcoin. #1 The ETF doesn't matter as much as people thought it did. Bitcoin never needed an ETF to pump in the past so why would it need one now? The main catalyst behind previous pumps was the halving. (which is coming up in April of this year) This halving is quite different from the rest because Bitcoin has started to reach a point of supply shock. This means that since more and more people are learning about Bitcoin and wanting to get a piece of the pie, at the same time miners won't be able to distribute as much. More and more people are continuing to hold their coins so that also will shrink supply. By the time retail starts flooding the market during the bull cycle, the demand will outweigh the supply tenfold and cause a perfect storm for BTC. Based on historical evidence we can conclude that BTC might take one last drop before pumping massively to the upside. If all of this is already priced in then that would mean 38k is the new trend's bottom. I still believe that 32k is possible but only 40-50% likely from this point.
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Next week is a make-or-break week for BTC - if we can stay above 42k then we will be able to soar higher.
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It's pretty simple, if BTC goes below my bottom purple line they it will test the 40k support again. If it goes above my top purple line then it will re-test 47k. No point in making TA overly complicated when it's really not.
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Still going as planned.
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If we can breakout of this channel - more upside to 47k
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Like I said, 38k is the bottom and you missed it. BTC will never go below 38k ever again and everyone will dream of the entry.
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38k is the bottom and you missed it, This will be my slogan until we go below.
P.S. I don't think we will - When BTC blows up in this next cycle it will then slowly crash back down to 38K and people will expect lower but this is the actual bottom of BTC. We are done with 16k and 20k was never meant to be a bottom.
P.S. I don't think we will - When BTC blows up in this next cycle it will then slowly crash back down to 38K and people will expect lower but this is the actual bottom of BTC. We are done with 16k and 20k was never meant to be a bottom.
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Thx for all the support
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I am now fully bullish and expect 56k magnet in March
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62k resistance is very strong and could push us back down a bit, if not we can expect a test of the ATH soon.
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ATH is next
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Still my best idea yet
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