Bingo-Player
Master Don Juan
I'm sorry the 6 month chart screams bull trappingIt's definitely possible. Will it happen? Who knows. Some see an extended cycle going into 2023 before hitting it's peak, others see it peaking by April or May.
Right now there are both bull and bear cases.
While the market has been going up lately and setting higher lows, it's also been setting lower highs and unable to break through a bearish trendline from the ATH.
The monthly MACD has crossed bearish for the first time in 19 months and coming down from highly overbought levels in the RSI and is looking at printing an "M" pattern, which is a double top(opposite is a "W"). The base of this "M" is around 12K. Will we get there? I dunno.
There is no reason a pattern "has to" complete, they just often do. On the lower timeframes like the weekly we appear to be in ascending Wedge formation, which is bullish.
Currently we seem to be stuck between the 32-46K range and just going up and down and creating different patterns inside that pattern.
Long-term, highly bullish. One day 100K will be looked at as cheap for BTC. Whether it's 3 years or 8 years or 20 years, that time is 100% coming.
Still waiting for a conducive argument as to why it is going to 100K
Apparently during something like say a "war" it was supposed to be its time to shine and would reach that 100k however
on announcement of invasion it dropped 10% and has been barcoding since
Seems a wonderfull hedge.....against absolutely nothing so far
Yea its probably great bet in a speculative bull market especially in a period when global central banks and governments decided to over inflate every major economy giving any idiot with two brain cells the financial capacity to become a small time "crypto investor"
However the chickens are about to come home to roost and we are about to see just how resilient bitcoin actually is