BTCUSDT SPOTLong
Bitcoin Weekly: Trend-Based Fib Extension Targets ($165,000)
A lack of bearish signals is a bullish signal.
This is a very simple chart. We are concerned mainly with the action that is present starting early December 2024 until present day, it is all sideways.
The market hit a low in November 2022. From this low a new bullish cycle starts.
After a minor advance in early 2023, the market went sideways for a long period, seven months, between March and October 2023.
After October 2023 we enter the present cycle.
October 2023 started a major advance and Bitcoin went on to produce a new All-Time High in March 2024 at $74,000. This is followed by a classic correction. Between the correction and late 2024 we have a long consolidation period which leads us to today.
After August 2024, the correction low, Bitcoin started a new advance and this advance produced its first peak in December 2024. Since December 2024 through now we have sideways action. All the action preceding this sideways action is bullish. The market is bullish. Which means that the bullish wave is being consolidated. Once the consolidation is over we will have a new bullish move, why? Because there are no lows, lower lows, etc. Bitcoin is goin up, up, up. The only retrace was very small which means that sellers are not present; buyers are active, waiting and ready.
The next advance will produce new All-Time Highs, many.
Based on the Trend-Based Fib Extension tool, we are looking at 123,000, 143,000 and 165,000 in the year 2025.
Thank you for reading.
Namaste.
This is a very simple chart. We are concerned mainly with the action that is present starting early December 2024 until present day, it is all sideways.
The market hit a low in November 2022. From this low a new bullish cycle starts.
After a minor advance in early 2023, the market went sideways for a long period, seven months, between March and October 2023.
After October 2023 we enter the present cycle.
October 2023 started a major advance and Bitcoin went on to produce a new All-Time High in March 2024 at $74,000. This is followed by a classic correction. Between the correction and late 2024 we have a long consolidation period which leads us to today.
After August 2024, the correction low, Bitcoin started a new advance and this advance produced its first peak in December 2024. Since December 2024 through now we have sideways action. All the action preceding this sideways action is bullish. The market is bullish. Which means that the bullish wave is being consolidated. Once the consolidation is over we will have a new bullish move, why? Because there are no lows, lower lows, etc. Bitcoin is goin up, up, up. The only retrace was very small which means that sellers are not present; buyers are active, waiting and ready.
The next advance will produce new All-Time Highs, many.
Based on the Trend-Based Fib Extension tool, we are looking at 123,000, 143,000 and 165,000 in the year 2025.
Thank you for reading.
Namaste.
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🚨 Long-term Success & Freedom Available Now! (Avoid Mistakes) —PREMIUM Channels 👉 lamatrades.com (Since 2017)
🥇 9999% Results
t.me/alansantana1111/5935
t.me/anandatrades/971
🏆 FREE Trade-numbers
anandatrades.com
🥇 9999% Results
t.me/alansantana1111/5935
t.me/anandatrades/971
🏆 FREE Trade-numbers
anandatrades.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.