Bitcoin Update - Healthy Correction to prepare for 3rd rally
Updated
**Overview:**
In the wake of our recent Bitcoin bull rally projection, a critical juncture required close monitoring. The latest chart update suggests that while a short-term correction is anticipated, the overall bullish sentiment for Bitcoin remains intact.
**Key Insights:**
1. **Critical Point Monitoring:**
- In the previous Bitcoin post, a chart update emphasized the need for vigilance at a crucial juncture.
- Short-term clarity was sought before projecting the current status of our bullish move.
2. **Ongoing Bullish Momentum:**
- Current analysis indicates that Bitcoin is still in the midst of its bullish trajectory.
- Anticipate a short-term correction over the next couple of weeks, unless there's a decisive break above 69k.
**Strategic Approach:**
1. **Exercise Caution:**
- Buying Bitcoin at the current price is cautioned against.
- Awaiting a potential wave 4 retracement to present an optimal buying opportunity for maximizing profits in the upcoming rally.
2. **Synchronized Movement with NASDAQ:**
- Observations align with the movement in NASDAQ, adding confidence to the positive outlook for Bitcoin.
- Positive sentiments prevail, at least in the near term.
3. **Ethereum (ETH) All-Time High:**
- Keep an eye on Ethereum as it's poised to break its all-time high.
- ETH movements may provide additional insights into the broader cryptocurrency market sentiment.
**Short-Term Outlook:**
1. **Weeks of Correction Expected:**
- Anticipating a short-term correction over the next few weeks.
- The bullish trajectory is expected to resume unless Bitcoin breaks above the crucial 69k level.
**Looking Ahead:**
1. **Last Rally Profits:**
- Wise to refrain from buying at the current Bitcoin price.
- Await the wave 4 retracement for a potential buying opportunity to maximize profits in the final rally phase.
**Market Synergy:**
1. **Positive Vibes for Bitcoin:**
- The overall sentiment for Bitcoin remains positive.
- Market movements align with the anticipated bullish trajectory, corroborating the optimism.
**Additional Notes:**
1. **Stay Informed and Vigilant:**
- Keep a watchful eye on Bitcoin's movements and any market developments.
- Flexibility and adaptability are key as the cryptocurrency market evolves.
In the wake of our recent Bitcoin bull rally projection, a critical juncture required close monitoring. The latest chart update suggests that while a short-term correction is anticipated, the overall bullish sentiment for Bitcoin remains intact.
**Key Insights:**
1. **Critical Point Monitoring:**
- In the previous Bitcoin post, a chart update emphasized the need for vigilance at a crucial juncture.
- Short-term clarity was sought before projecting the current status of our bullish move.
2. **Ongoing Bullish Momentum:**
- Current analysis indicates that Bitcoin is still in the midst of its bullish trajectory.
- Anticipate a short-term correction over the next couple of weeks, unless there's a decisive break above 69k.
**Strategic Approach:**
1. **Exercise Caution:**
- Buying Bitcoin at the current price is cautioned against.
- Awaiting a potential wave 4 retracement to present an optimal buying opportunity for maximizing profits in the upcoming rally.
2. **Synchronized Movement with NASDAQ:**
- Observations align with the movement in NASDAQ, adding confidence to the positive outlook for Bitcoin.
- Positive sentiments prevail, at least in the near term.
3. **Ethereum (ETH) All-Time High:**
- Keep an eye on Ethereum as it's poised to break its all-time high.
- ETH movements may provide additional insights into the broader cryptocurrency market sentiment.
**Short-Term Outlook:**
1. **Weeks of Correction Expected:**
- Anticipating a short-term correction over the next few weeks.
- The bullish trajectory is expected to resume unless Bitcoin breaks above the crucial 69k level.
**Looking Ahead:**
1. **Last Rally Profits:**
- Wise to refrain from buying at the current Bitcoin price.
- Await the wave 4 retracement for a potential buying opportunity to maximize profits in the final rally phase.
**Market Synergy:**
1. **Positive Vibes for Bitcoin:**
- The overall sentiment for Bitcoin remains positive.
- Market movements align with the anticipated bullish trajectory, corroborating the optimism.
**Additional Notes:**
1. **Stay Informed and Vigilant:**
- Keep a watchful eye on Bitcoin's movements and any market developments.
- Flexibility and adaptability are key as the cryptocurrency market evolves.
Note
Correction has been completed with WXY waves, 5th wave should get us to new ATH.
If we break the local low, that would mean we have entered bear market.
Note
Added the bear case for Bitcoin stating that if we do not manage to make a high pivot, then BTC is gonna fall which seems to have come true.
As of right now, contrary to my expectations of bear case to end up with BTC below 30k, i am expecting this downward move to end soon and instead of a bear market, this is most likely a small recession. There is still sufficient possibility for the 3rd and upward final rally to start in a couple weeks, just has to see in which region BTC manages to find support.
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