How much are we bouncing?
Updated
China is likely to announce its global reserve crytocurrency during the olympic games. Last Year I predicted that an event in spring would collapse the price of BTC, and that the max was in the 70k range.
I actually made a similar prediction years ago:
This current chart is just a draft I made as a work in progress. I do not know yet which of the 3 scenario is going to happen, but I believe we will bounce back hard to the 40k range. Because most people misunderstand that we are currently at the hard support (we are in a channel). In february China's crypto annoucement should have a strong negative impact (as it will affect the US stock market, which is correlated with BTC).
Seeing this whales might want to manipulate the market to go higher so they can get out, which would give us the green or blue scenario. After all BTC cannot die quietly like the pink scenario. It should go exuberant (we didn't have much exuberance in that bull market).
Another reason I believe we cannot go straight down is that there is no major support bellow, which would mean the immediate destruction of BTC. I suspect that the west want to keep btc running a bit longer, before they can get their own state cryptocurrencies (which I thought would come sooner). But they might not be able to maintain the price in an acceptable range.
I actually made a similar prediction years ago:
This current chart is just a draft I made as a work in progress. I do not know yet which of the 3 scenario is going to happen, but I believe we will bounce back hard to the 40k range. Because most people misunderstand that we are currently at the hard support (we are in a channel). In february China's crypto annoucement should have a strong negative impact (as it will affect the US stock market, which is correlated with BTC).
Seeing this whales might want to manipulate the market to go higher so they can get out, which would give us the green or blue scenario. After all BTC cannot die quietly like the pink scenario. It should go exuberant (we didn't have much exuberance in that bull market).
Another reason I believe we cannot go straight down is that there is no major support bellow, which would mean the immediate destruction of BTC. I suspect that the west want to keep btc running a bit longer, before they can get their own state cryptocurrencies (which I thought would come sooner). But they might not be able to maintain the price in an acceptable range.
Note
I forgot to mention that I believe the reason we had this 'double top' in 2021 was that bitcoin has been 'tamed' by international banking. So it doesn't have to crash immediately like it would normally after the 4 year peak.
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