BTC: 2021 on repeat! 13.5k can happen!
Updated
Here's a quick comparison of two periods in bitcoins history
The current market period appears to unfold similarly to the one observed in 2021. If this trend continues, the market will likely experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
The US interest rate has reached the same level as it was during the onset of the 2008 Financial Crisis market decline. This should be taken into consideration. Despite this, on Twitter, someone claims almost every other day that BTC will reach 100k soon. However, in my opinion, this is complete nonsense. Given the current state of the financial market, it's not ready for a sustained uptrend.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
With regards to Altcoins
t appears that the overall market is experiencing a weakening trend. Suppose BTC continues to decline from its current position; the Altcoin market cap is expected to break below its recent uptrend. This could potentially lead to a significant drop in the altcoin market cap, down to around 300B. Given these circumstances, it may be wise for individuals to avoid investing in ALTCOINS for now and instead wait for more favorable market conditions to emerge.
Also, Current market conditions suggest that many altcoins are exhibiting a bearish outlook, with many having breached their BTC-pair support levels. This indicates that in the event of another drop in BTC prices, altcoins will likely suffer significant losses. I project that a 50-70% decline in altcoins may occur before August. I maintain a highly bearish stance regarding the upcoming summer period, which seems to resemble the summer period of 2021.
I expect the bottom to be between 8k and 12k!
The current market period appears to unfold similarly to the one observed in 2021. If this trend continues, the market will likely experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
The US interest rate has reached the same level as it was during the onset of the 2008 Financial Crisis market decline. This should be taken into consideration. Despite this, on Twitter, someone claims almost every other day that BTC will reach 100k soon. However, in my opinion, this is complete nonsense. Given the current state of the financial market, it's not ready for a sustained uptrend.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
With regards to Altcoins
t appears that the overall market is experiencing a weakening trend. Suppose BTC continues to decline from its current position; the Altcoin market cap is expected to break below its recent uptrend. This could potentially lead to a significant drop in the altcoin market cap, down to around 300B. Given these circumstances, it may be wise for individuals to avoid investing in ALTCOINS for now and instead wait for more favorable market conditions to emerge.
Also, Current market conditions suggest that many altcoins are exhibiting a bearish outlook, with many having breached their BTC-pair support levels. This indicates that in the event of another drop in BTC prices, altcoins will likely suffer significant losses. I project that a 50-70% decline in altcoins may occur before August. I maintain a highly bearish stance regarding the upcoming summer period, which seems to resemble the summer period of 2021.
I expect the bottom to be between 8k and 12k!
Note
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