FUTURE OF BTC
BTCUSD At the moment BTC has formed 2 key zones: 1. Resistance zone $49-52k
2. Support zone $40-42k
After the announcement of BTC ETF approval by SEC on January 12, BTC price corrected by almost 10% during the day. After that BTC rebounded by 5% to the 42k area where it is currently trading.
In the medium term, I see BTC correcting to $29-32k and $27-24.5k. I plan on gaining short near the ~$48-49k resistance level and pulling it on the high to the target zone.
In terms of overall analysis, the main question for me at the moment is whether the buyers from BlackRock & co will be able to buy back the sell pressure from GBTC holders. If they do, we are likely to see a hike to 50k+, if ETF buyers lose, I will reconsider my views and take short positions based on price action
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