BitcoinLong
BTC Breakout: What to Expect in the Next Few Months
Bitcoin has burst through the significant resistance level of $90,000, shattering previous resistance after a brief consolidation period at $87,000. Key indicators suggest a clear trajectory toward the notorious $100,000 milestone.
Drivers of the Breakout
Market Sentiment
Price Discovery Outlook:
Caution!
Volatility Remains: Be prepared for significant pullbacks. Every bull cycle in the past has included multiple 30%+ drops, so be ready for buying opportunities on bounces off key levels like the Bull Market Support Band at 50W EMA & SMA.
Stay alert, and let's ride this wave!
PS: While the market is unquestionably heating up, IMO we are closer to the middle of the bull cycle rather than the end.
Drivers of the Breakout
- Fibonacci Extension Breakthrough: BTC has successfully pierced the 2.618 Fib level, signaling robust momentum.
- Round Number ATH: The psychological barrier at $90,000 has fallen, fueled by unrelenting upward momentum.
- Macro Tailwinds: Today's positive CPI print injects optimism, bolstering BTC's ascent.
Market Sentiment
- Bullish Momentum: Unwavering buying pressure by a number of actors like MicroStrategy, retail investors and perhaps even some governments propels BTC upward.
- Consolidation Confirmation: The brief pause at $87,000 validated the support level.
- Volume: Spot Bitcoin trading volume and ETF inflows skyrocket
Price Discovery Outlook:
- Short-Term Target: $100,000 within reach should be testing within a week or two. I'm expecting a break above at some point before EoY although likely it won't happen on the first attempt.
- Mid-Term Outlook: Potential for further gains into the uncharted territory of 6 figure Bitcoin, contingent upon sustained momentum. Will be looking to cycle into specific Alts as well as USD starting in mid Q1/earlyQ2 2025.
Caution!
Volatility Remains: Be prepared for significant pullbacks. Every bull cycle in the past has included multiple 30%+ drops, so be ready for buying opportunities on bounces off key levels like the Bull Market Support Band at 50W EMA & SMA.
Stay alert, and let's ride this wave!
PS: While the market is unquestionably heating up, IMO we are closer to the middle of the bull cycle rather than the end.
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