Bearish case of BTC
The sentiment surrounding Bitcoin (BTC) appears to be lagging behind that of altcoins, which is a bearish sign for the mid-term (1-3 months). This suggests that investors and traders are more optimistic about the prospects of alternative cryptocurrencies compared to Bitcoin.
Currently, we are observing a channel price pattern, with the maximum price range for the short term being around $32,000 to $33,000 USD. In the mid-term, I predict a price target of $21,000 to $23,000 USD. This scenario suggests a potential downward movement in the price of Bitcoin.
This phase of consolidation and potential price decline could be beneficial for the market as it allows for a cleansing of the excessive bullishness seen in altcoins. It also creates a foundation for more organic growth and sets the stage for the next bull market cycle.
From a technical perspective, we are currently more than 50% above the anchored Volume Weighted Average Prices (VWAPs), which is not typically considered a bullish sign. VWAP is a tool that shows the percentage profit of many traders, and when the percentage is high, it indicates a higher likelihood of traders locking in profits.
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Currently, we are observing a channel price pattern, with the maximum price range for the short term being around $32,000 to $33,000 USD. In the mid-term, I predict a price target of $21,000 to $23,000 USD. This scenario suggests a potential downward movement in the price of Bitcoin.
This phase of consolidation and potential price decline could be beneficial for the market as it allows for a cleansing of the excessive bullishness seen in altcoins. It also creates a foundation for more organic growth and sets the stage for the next bull market cycle.
From a technical perspective, we are currently more than 50% above the anchored Volume Weighted Average Prices (VWAPs), which is not typically considered a bullish sign. VWAP is a tool that shows the percentage profit of many traders, and when the percentage is high, it indicates a higher likelihood of traders locking in profits.
If you find this analysis valuable, I follow for more updates. And if you happen to come across this content in the distant future, feel free to share it.
Wishing you a pleasant day!
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