Let's take a look at the older timeframes. On the daily timeframe, we can see that bitcoin rose quickly from the $30,000 mark to the upper consolidation boundary of $42,000. Attempted to break the upper consolidation level but failed as there is very strong resistance. After that, it corrected to 38,000$ and now it is trying to approach the resistance again.
Whether it will be able to break this resistance quickly, I don't know, but if the price continues to squeeze near the upper boundary, it will be a good buying opportunity. After breaking through the resistance, the price will come to $48,000 very quickly.
In addition to that, other factors are pointing out:
Massive withdrawal of bitcoins from exchanges (less supply - more demand)
The price has been in consolidation for three months
Number of new users updating the highs
Bitcoin is flowing from short-term holders to long-term holders.
10,000 BTC traded in footprint yesterday (very high volume)
What do you think, will the cycle continue and it will be $120,000, or will the price reach a maximum of $48,000k and then continue to fall?
Whether it will be able to break this resistance quickly, I don't know, but if the price continues to squeeze near the upper boundary, it will be a good buying opportunity. After breaking through the resistance, the price will come to $48,000 very quickly.
In addition to that, other factors are pointing out:
Massive withdrawal of bitcoins from exchanges (less supply - more demand)
The price has been in consolidation for three months
Number of new users updating the highs
Bitcoin is flowing from short-term holders to long-term holders.
10,000 BTC traded in footprint yesterday (very high volume)
What do you think, will the cycle continue and it will be $120,000, or will the price reach a maximum of $48,000k and then continue to fall?
Trade closed: target reached
book part of profit 
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Get access to the private club with VIP signals
👉 bit.ly/vipsignals_bikotrading
🔷Telegram 👉 t.me/+ICrmLIneDmRiYjIy
🔷YouTube 👉 bit.ly/YouTube__Lessons
👉 bit.ly/vipsignals_bikotrading
🔷Telegram 👉 t.me/+ICrmLIneDmRiYjIy
🔷YouTube 👉 bit.ly/YouTube__Lessons
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.