The all-time high of $68,900 from November 2021 first acted as resistance, and is now acting as support. Bitcoin looks ready for another leg up!
Check out how the price nudged up against the old high several times, before finally popping decidedly above yesterday and this morning. Then it immediately corrected, but found support at the old level of 68 and change. Since then, it has been inching back up toward the ATH again, over 72k as I type.
I want to zoom back and view the last few years, using weekly candles. We can kind of see on the very right, how it bumped up against the ATH, then popped through:
Now, it's looking off-to-the-races yet again! A test of 73k is imminent.
Pullback?
Of course, there's a pullback coming. Nothing goes straight up (or down). But when?
Any time, that's my answer. It's due. But any retractions are being bought up aggressively. Lots of buyers out there. Hard to imagine what's going to happen when the supply of new BTC drops in half! The halving occurs one month from today.
So, pullback soon? Sure, perhaps a nice deep correction. But with the bullish action we've seen lately, and all the HUGELY bullish fundamentals ahead, it's looking pretty juicy for BTC holders right now.
What we might see is a 'correction' to the upside! A revaluation, if you will. Sudden moves of thousands of dollars, tens of thousands in a day. Nothing in the chart or the fundamentals indicates the price of Bitcoin is going anywhere but up for the next 20 months.
DRutter
This year bull run isn't like tye previous years. Btc hitting ath before halving and my fear is that this may be the last big bull run because institutions and big money owner's are buying into btc which is making demand higher than the supply. This may leads to them manipulating and controlling orice
Yes many big players are getting involved now, and many more will be coming soon as more ETFs become available. I don't think there is much risk of them being able to change the 4 year bull/bear cycle, because the cycle is controlled by the halving (supply), not buyers (demand). All the buyer can do is buy or sell, and yes this will influence the price, but I don't see any way that could change the 4 year cycle. That means there is another 20 months of the bull market. There will be wild swings in the price, of course, but the overall direction is still WAY up. Many professional analysts are now saying $1m is likely, which is something I first said 11 years ago here and also went into detail about it many times, such as here in 2017.
A lot of people here don't know this, but I was one of the first people to talk about Bitcoin, back in 2011. I have been making predictions and price analysis regularly since 2013, and have never been wrong after dozens of specific calls.
I don't know the extent to which the BTC price can be manipulated through the ETFs. I don't believe it will be the same as the manipulation of the gold market, but we shall see.
Yes, I do believe that halving can't be stop but the btc left to be mine is not much. What am only emphasing on is the bull run at every btc mining may not be possible due to the large bags holders
I'm sorry that I don't understand the point you are making.
Entirely possible it could just keep going up !
We're rich.... well anyone with lots of Bitcoins is rich anyway.
Good luck to all :)
The pullback is here but just shortly I think.
Yes, now we'll see how deep and how long it will be, and then a return to new highs.
Jackpot for those who are holding btc and those who got the other crypto coins.
🥓
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