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Bitcoin-btcusd-btc

BITCOIN Is this simply a big Bull Flag?Bitcoin (BTCUSD) touched today the bottom of the Channel Down pattern that started a month ago on the March 14 High. Ever since is posted Lower Highs and Lower Lows, dropping under the 1D MA50 (blue trend-line). Since the long-term trend for months has been a parabolic rally, this pattern can be seen just as a big Bull Flag, a necessary short-term pull-back before new Highs. As BTC is approaching the 1D MA100 (green trend-line), it is important to know that the last time it did was on January 23 and it held it as Support, closing the 1D candle above it. Technically that is the tolerance limit, in order to the uptrend to stay valid with low entry buyers. The January 23 Low initiated a rebound that peaked marginally above the 2.618 Fibonacci extension, the March 14 High. If the same pattern is repeated, we can see $95000 by June. How probable do you think that is? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:BTCUSD
by TradingShot
11
BITCOIN Holding the ATH Zone! Is this like 2017?Bitcoin (BTCUSD) made a sharp decline on Saturday and is now in the process of recovering. The 1W candle wick dived as low as the low of almost 30 days back (March 20), extending the 1-month consolidation since March 13 High. This is of course directly related to the fundamental aspect of BTC's Halving, which is due at the end of the week and historically exerts high volatility onto the market. Buy even from a technical point of view, those two sell-offs found Support and held the (red) All Time High (ATH) Zone, which is the range taken from the closings of the previous ATH candles. As we can see on the right chart, it was the exact case on the 2014/ 2017 Cycle, which is the Cycle that we first here most tightly correlated Bitcoin's current Cycle. More specifically, the March 20 and April 10 2017 1W candles, were both contained at the bottom of the ATH Zone and sharply extended the rally right after. This means that the Halving event can be the ideal fundamental 'excuse' to kick-start the rest of the technical rally and fulfil the pattern. But what do you think? Will history be repeated once more? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:BTCUSDLong
by TradingShot
2
Bitcoin: Range Low Buy Signal.Bitcoin has rejected the 70K area resistance as the pre halving consolidation unfolds. In hindsight, you were better off listening to things like support/resistance LEVELS and price structure rather than all of the social hyperbole going into the halving event. "Buy The Rumor, Sell the News" seems to be what is in play here and usually makes fools of people who are easily mislead by rocket ships on thumbnails. Now that Bitcoin is flirting with a relevant support level, a swing trade long setup with reasonable potential has a greater probability of appearing this week. To succeed as a trader or investor, it is IMPORTANT to gauge the market in terms of probabilities. This means arguments on BOTH sides of the market must be considered at all times and based on something relevant to the market. When it comes to short term speculation, technical analysis often provides substantial arguments because it serves as a reflection of the underlying supply and demand of ORDER FLOW. If you have been following the support/resistance levels that have been on my charts for WEEKS now, you can see how price has reacted. This is why when price pushes new highs but happens to be in the midst of a resistance zone, I become RISK ADVERSE, NOT MORE OPTIMISTIC. And while I receive criticism for being too conservative during very broad moves, I found it to be more effective is miss an outlier than to be stuck on the wrong side of the probability. Novices don't realize, it may work the first or second time, but over time, the probabilities will catch up and you will give back any profit made on the outlier. As of now, price flirts with the 64K support and is presenting an inside bar which can turn into a buy signal IF 65K is taken out upon the close. What is compelling about this buy potential swing trade long signal? Price location. It is part of the range low consolidation within a broader bullish trend. Probability favors a test of high from these levels which can take price back to 68K or 69K areas. Risking 2K points in an attempt to capture 3K or 4K points is a worthwhile reward/risk. IF the 61K area support breaks instead, a test of the 58K to 60K area becomes more probable. Keep in mind a bearish consolidation breakout increases the chance of a broader corrective move that is both unexpected and overdue. Have you seen the monthly chart? Vertical markets are typically unsustainable. It will be interesting to see how price action plays out once the halving event is out of the way. Markets are HIGHLY random, and all it takes is unexpected news to change expectations. Prices don't cling to logic because they are driven by greed and fear. Two emotional forces that are shaped by PERCEPTIONS of the future. Trust PRICE not people. Thank you for considering my analysis and perspective.
BITSTAMP:BTCUSD
by MarcPMarkets
14
BTCUSD: 1D MA50 broken after 2 months. Selling isn't over.Bitcoin may be neutral on its 1D technical outlook (RSI = 46.271, MACD = 810.300, ADX = 25.259) but it just broke under the 1D MA50 for the first time in more than 2 months (February 6th last contact). In the meantime, it crossed under the HL trendline of the Ascending Triangle, so we have a full-scale technical bearish breakout. The RSI pattern looks very much like the January 12th 1D MA50 bearish breakout. If Bitcoin closes the 1D candle under it, we will wait for the bottom to be formed on the S1 level, always above the 1D MA100 (which supported on the January 23rd low) and buy (should be a around a week after the Halving) targeting a little over the 2.618 Fibonacci extension (TP = 100,000). That was where the March 14th top was priced. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:BTCUSD
by InvestingScope
1
BITCOIN consolidating around ATH = Mega BUY!Quick comparison of Bitcoin's (BTCUSD) current Cycle to the one in 2014 - 2017, which is the one that has been most tightly correlated to and as you can see by the charts below, we have spotted since January 2023, right at the market bottom: The current consolidation around the previous All Time High (ATH) region is a clear buy signal, in fact based on the 2014/17 Cycle, it is the last we might get before the Parabolic Rally (green) phase starts. As you can see both Cycle's started with a Falling Wedge leading to the bottom, then the Accumulation Phase as soon as the price broke above the 1W MA50, leading to the 1st take-off Phase to test the ATH. The 1W RSI will mostly stay overbought from now on until the top of the Cycle, which is not the essence of the current idea, but we expect it to be at least at 200k. The 1W MA50 (blue trend-line) should continue to support until the Cycle Top. But what do you think? Do you expect BTC to start the parabolic rally phase shortly after the Halving which is around a week's time? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:BTCUSDLong
by TradingShot
13
BITCOIN is about to rally hard on Dollar collapse.On this chart you see Bitcoin run against the DXY, which is the U.S. Dollar Index. On every single Bull Cycle, when the DXY forms a Channel Down, BTC rallies on its Cycle most aggressive part. The DXY is currently getting rejected on a Lower High, being inside a Channel Down since September 2022. This shows that we are again on that part of the Cycle when BTC is about to start the aggressive parabolic rally. Stay bullish until the DXY reverses upwards again, which happens when the Channel Down breaks to the upside. Follow us, like the idea and leave a comment below!!
CRYPTO:BTCUSDLong
by TheCryptagon
Bitcoin: The Halving Range.Bitcoin appears to be in a consolidation (see converging lines on chart) as the halving event nears. Makes sense, especially since events like this tend to be "buy the rumor, sell the news". There is no way to know how Bitcoin will react going into the halving because there are many factors in play, often too many to effectively act upon. Many like to resort to history, but history does NOT repeat itself exactly the same way every time. The illustration on this chart shows the scenario that I am anticipating for the coming week. As of now, IF 68,850 is compromised, a new swing trade buy signal will be in effect on this time frame. IF the consolidation stays intact, then it is not likely to go very far (71K area resistance). This means a better way to participate is day trade with low expectations. I repeat that a lot because MOST of the time, there is little to no opportunities on the larger time frames that make sense in terms of the associated RISK. Sure you can enter at any price and it MAY go your way, but how much risk are you taking? Big wins with high risk = unsustainable account performance (exchanges, forex dealers, prop firms and casinos LOVE this idea). Another way to capitalize on this consolidation is to WAIT for supports to be tested such as the 66K and 64K levels. If 64K is compromised, a test of 60K becomes much more likely which would extend the range of the consolidation. Upon testing such levels, waiting for confirmation before entering is key because markets are HIGHLY random and there is no guarantee supports hold. Technical analysis helps to develop a plan, evaluate risk and manage expectations. It is NOT a method to forecast the future as many believe. Anything can happen, any time, all it takes is an unexpected piece of news. The information I provide here is to help you operate under a realistic set of expectations as defined by historical MARKET structure, NOT how I feel or think. Realize that this is actually a game of information. Whoever has the best information will profit from the majority of participants who "believe" they are acting on useful information. As a short term oriented trader, I am not trying to be "right". I am trying to gain insight into areas of price behavior that may offer a greater probability of a positive outcome. In other words looking for price action clues that point to repetitive behaviors that I can capitalize on. Let that sink in before consuming another Youtube video featuring a rocket ship. Thank you for considering my analysis and perspective.
Editors' picks
BITSTAMP:BTCUSD
by MarcPMarkets
38
BITCOIN hit a record 7 straight green months! NOT APRIL FOOL'S !Yes it is not April Fool's, Bitcoin (BTCUSD) just closed a record 7 straight months of gains for the first time in history. Since it's inception, there hasn't been an exchange where BTC made more than 6 bullish monthly (1M) candles in a row. What started in September 2023 as merely a hold and bottom formation on the 1M MA50 (blue trend-line), eventually evolved into a record breaking sequence. In fact, Bitcoin has only had 3 red months in the past 15, which makes the feat even more impressive! Being the lengthiest such bullish sequence in history, doesn't mean that the rally is over. In fact, we can argue that it has only just begun as based on the 1M RSI, which is trading within the 0.786 - 0.618 Fibonacci Channel range, we are on symmetrical terms relative to past Bull Cycles, where the price was on November 2020, February 2017 and February 2013. We can see that this is an impressive symmetry, and shows that we are at a point far from the cyclical peak. The previous 3 Cycles topped 12, 10 and 10 months from that RSI position respectively. If this continues, we can expect Bitcoin to rally for at least another 10 months before the Cycle peaks and the RSI approaches the Channel Top where we can gradually start taking profit! But what do you think? Does this impressive 7-month bullish streak still have at least 10-month fuel in it? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
BITSTAMP:BTCUSDLong
by TradingShot
14
Bitcoin: 73K Break Or Fake?Bitcoin continues to flirt with the 70K resistance zone (blue rectangle on chart) and has followed the first leg of my previous chart illustration. With the halving coming very soon, there continues to be over exaggerated claims of Bitcoin "going to 100K by next month" nonsense. Again stop listening to people, LISTEN TO PRICE. Let me explain some scenarios to watch for this week. First, realize that my analysis and perspective is for the short term trader. NOT the investor. My time horizon for my articles is typically 1 to 2 WEEKS out. If you are an investor wondering if you should invest, this analysis will not be helpful. As a quick note, when prices are flirting with all time highs, and looks its best, it is usually NOT a good time to be investing, especially with leveraged products. As for scenarios for this week: you will notice an arrow pointing to the previous all time high and a blue rectangle between 73,500 and 76,500 AREAs. This is the high probability bearish reversal zone of fake out zone. If Bitcoin is going to fake out, this area is where it is most likely to begin. Watch for bearish pin bars, bearish engulfing candles, etc on the larger time frames. Keep in mind if price is pushing into the 76K area, it is going to get a LOT of attention by the hype machine. Meanwhile these are highly vulnerable prices for longs. IF price retraces from this area, it can still considered a B wave, and can find support in the 64K to 60K support areas. I would NOT be overly bearish in this scenario, it is more likely to consolidate recent gains rather than become a "bear market". Markets are NOT binary nor are they simple. Many forces are in play simultaneously and it would take a major catalyst to surprise the market in order to initiate a "bear market" or a broader correction. As of now, there is a new swing trade long signal in effect from the 70,500 area. Since it is appearing inside a resistance zone, it is less than ideal and carries greater risk. This could be the beginning of the push the 73K test and fake out scenario I just described. In situations like this, (trend continuation signals at unattractive prices) it is best to work on smaller time frames in order to compensate for the greater risk. Day and swing trades that carry LOW expectations. Like a push into the 71.5 or 72K area is within reason for these type of strategies. Expecting 80K, etc. is much less reasonable in terms of probability. Another important thing to note: similar to the reversal zone from 73,5 to 76.5, there is a larger magnitude zone (not on this chart) that spans as high as 83K. Which means over the next few MONTHS, Bitcoin can probe this area before a broader correction ensues. IF we see this, the mega internet hype can be relentless and strongly placate to your GREED. Make sure to understand, markets move in CYCLES not straight lines. IF a correction begins from this larger magnitude fake out zone, it will likely be steeper and longer than most expect. I am not being bearish or pessimistic, I am simply pointing out the potential risk. I understand how many can get frustrated with my warnings and claim that it costs "money" by missing out on greater valuations. This feeling is rooted in greed and all I can say is the market is a much more expensive educator than I am. Missing out has to do with how willing you are to take risk, and I learned the hard way that the key to this game is taking SMALL risks and is the position that I write from. There is no way to know where the market will be in the future, all we can do is MEASURE the potential and the RISK. From there only only you can decide how to go about participating. Thank you for considering my analysis and perspective.
BITSTAMP:BTCUSD
by MarcPMarkets
27
BITCOIN immediate target is 78k based on this SPX fractal.Bitcoin (BTCUSD) is currently repeating on its 4H time-frame a fractal of S&P500 (SPX) on its 1W time-frame. As BTC is pulling back towards the 4H MA50 (blue trend-line) and a Bullish Cross is about to be formed, the symmetric development on the S&P500 fractal indicates that this Bullish Cross should be treated as a Buy Signal. On S&P500 it started the aggressive rally that the market is currently still on. As you can see, both fractals started with a Bearish Megaphone after their respective tops, hit and held their MA200 (orange trend-line), while a MA50/ MA100 Bearish Cross marked the Bottom. The Channel Up that emerged led the recovery. From an RSI perspective a similar Channel Up took both to the overbought territory after an oversold Double Bottom, which was an additional Buy Signal. As a result, for BTC we are now on the 0.786 rejection phase and after this pull-back is completed, the S&P500 fractal suggests that the target should be just shy off the 1.382 Fibonacci extension. We therefore have $78000 as our immediate Target. Do you think it can be achieved on such a short period of time? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:BTCUSDLong
by TradingShot
3
Bitcoin: 73K Test Or Not?Bitcoin has peaked in the 73K Area which completed the 5th of the 5th wave. I specifically mentioned this in my previous article when I said "THE PARTY IS OVER". If you were fooled by the internet hype, you can only blame your own greed. Markets don't unfold in straight lines, they unfold in cycles and now we are in a corrective one. Let me explain what I am anticipating over the coming week in light of this scenario. I have to mention that I have seen numerous videos showcasing tons of tables and graphs that show promising facts and figures. This is great for entertainment, but it FAILS to address RISK, especially on the short term. IF the underlying catalyst for the recent rally in Bitcoin is no longer in play, price can consolidate for weeks or months before a new catalyst comes along, and there is NO guarantee it will be positive. It is UNKNOWN, which is why it is better to get good at calculating RISK instead of indulging in dreams. I am not a pessimist NOR bearish on Bitcoin, I am realistic and FOLLOW the story of PRICE which I found to be the best way to gauge RISK. Now let me explain my chart: the lower blue rectangle (58 to 60K AREA) is a high probability BULLISH reversal zone. IF price can test this area throughout the week, I will be looking for reversal patterns for a swing trade long. Profit potential can be estimated in the mid to high 60Ks. While ANYTHING is possible, I am not willing to bet on a higher high because we are likely in a corrective phase. Currently, price is attempting to take out an inside bar for a swing trade long (break of 66K). What makes this less attractive is it is not in the reversal zone so I would consider is a 50% probability. The next leg higher may be the B wave which is the one that usually makes the lower high (see chart). Which means again, I would not expect the next leg to compromise the 73K area all time high. The blue rectangle in the 70K area is the high probability BEARISH reversal zone. This is a good area to gauge profit potential or look for aggressive short setups. Buying in this area, ESPECIALLY for investors is HIGH RISK. The lines drawn on the chart illustrate one scenario (consolidation) that I am anticipating over the next week or so. Best way to navigate this is using day trade or swing trade strategies and waiting for a price action confirmation in a reversal zone. Markets are motivated by greed and fear which makes movements IRRATIONAL. Most participants are not even aware of how their own motivations blind them to the liabilities of being part of the herd. In this game, opportunities are often found by exploiting the mistakes of others. To recognize those mistakes you first have to remove yourself from the mindset of greed which is at the root of these opportunities. You can begin by changing the information that you are naturally drawn to. Less logical "facts and figures" that are irrelevant in a game that is highly random, and more on the emotional patterns and tendencies that can only be expressed by price itself. Thank you for considering my analysis and perspective.
BITSTAMP:BTCUSD
by MarcPMarkets
24
BITCOIN Is $175000 so easy to achieve?Bitcoin (BTCUSD) broke its All Time High (ATH) this month, making history once again. The quest for the rest of the month is to close the March 1M candle above the previous ATH (69000). Why is this important? Because every time it did so in the past on each and every Cycle, the price never looked back and it entered the most aggressive part of the Bull Cycle: the Parabolic Break-out Phase. This has coincided with the 1M RSI breaking above the 0.786 Fibonacci retracement level of the Fibonacci Channel Down. As you can see on the chart every time it did so, it reached (or almost) the top of the Channel Down (blue circle) while the price hit the 1.618 Fibonacci extension. During the first 2 Cycles the price went on even considerably higher than that (red rectangle) before the Cycle peaked, while the 1M RSI again hit the top of the Channel Down. During the previous (most recent) Cycle though, there was no 2nd RSI top, as the price only marginally exceeded the 1.618 Fib with its 2nd top, in fact it didn't even close a 1M candle above it. As a result, we may have a similar 'Double Top' Cycle this time also, but that's just the modest scenario. In any case the 1.618 Fib extension is now priced at $175000, which technically is a 'certainty' (if you can ever say that in investing) based on this historic chart and the Target of this Cycle. But what do you think? Is $175k a given and if yes, will BTC surpass the 1.618 Fib for an even higher Cycle Top? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:BTCUSDLong
by TradingShot
12
BITCOIN New bottom formed. Rally could aim well above $100k.Bitcoin (BTCUSD) is at the early stages of a new parabolic rally, similar to January - March, as a key bullish development took place. The 1D RSI hit the 50.00 neutral (middle) level for the first time since breaking above it on January 26 2024 and rebounded, while keeping the 1D MA50 (blue trend-line) intact. This is a strong bullish signal for the Bull Cycle. BTC has been within a range for the majority of this month and last time all those parameters emerged together was in late November - early December 2020. At that time, Bitcoin also hit the 50.00 RSI level, held above the 1D MA50 and after being ranged for almost a month, it started a new parabolic bullish leg towards the 6.0 Fibonacci extension before the next 1D MA50 pull-back. As you can see, both sequences capped a roughly +100% rise since the previous Lows where the price made contact with the 1D MA100 (green trend-line) and eventually bounced. The 1D MA100 wasn't touched again for almost 7 months, not before BTC approached the 8.0 Fib extension, completing a +563% rise from that Low. The fractals are virtually identical so far and if the current price action continues to replicate 2020/ 2021, we expect the 1D RSI to hit 90.00 again before retracing. If $100k isn't hit at that time, we will book profits regardless and buy again on the next 1D MA50 contact. Until then, $100k is our next Target. But what do you think? Is 100k a realistic target that soon and if yes can Bitcoin repeat 2021 to its full extent and even reach 250k? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:BTCUSDLong
by TradingShot
18
Bitcoin: Correction Just Starting.Bitcoin is now correcting from the 73K all time high, just above my short term high probability reversal zone (upper blue rectangle). Prices between 64.5 and 69K were highly vulnerable to this type of move to begin with and coupled with the 10K retrace of two weeks ago, there was plenty of warning for investors who understand markets. I hope you were NOT one of those who were convinced this was going to 100K in the next month or so. As I have been pointing out repeatedly in my streams, the completion of 5 waves usually means THE PARTY IS OVER. What that means is Bitcoin is likely to be in a corrective structure over the next few months. Corrective waves typically unfold in three legs. The first leg, Wave A, can find support somewhere around 64,500 OR the 60K AREA. There is NO WAY to know how the market will play out in advance. These levels were previous resistances which are now likely to act as supports. Buying after price action confirmation makes sense for day and swing trades, but these are FAR from ideal investing levels. Markets move in cycles, NOT straight lines. Buying this too early (which many will do) will result in taking a lot of unexpected pain. IF 60K happens to break, you are looking at 58K, 55K and 52K areas for supports. These are points of reference to evaluate further. In situations like this, particularly for swing trades, it is best to wait for some type of complex reversal pattern like a double bottom either on this time frame or something like a 4H (which is what my bot uses). The coming corrective structure is NOT to be misunderstood as a "bear" market. It is more likely to be a bullish consolidation which can eventually lead to a positive break out. A great example of this is Gold. For a number of years gold has been in a higher low bullish consolidation and just recently broke out. During that time, especially at the break out attempts all the hype promoted "5K next month" nonsense getting people to buy into those high risk prices. Be prepared for the same nonsense with Bitcoin. I often get asked "what is Bitcoin going to do next?" and the answer is I have NO idea. People who ask this are missing the point. Navigating the markets for profit has NOTHING to do with trying to figure out what will happen next. IT is about evaluating a range of high probability scenarios on BOTH sides of the market. This can be done with historical price information like we find on a chart. Once you have narrowed a reasonable range of scenarios, you can then prepare, and WAIT for the market to confirm which path IT decides to choose.Only then can your risk management plan go into effect. Thank you for considering my analysis and perspective.
BITSTAMP:BTCUSD
by MarcPMarkets
23
BITCOIN The ETF multiyear rally has only just begun(Gold's case)With Bitcoin's (BTCUSD) continuous bullish run, day after day, running basically the 7th straight green month, we thought it may be a good time to put things into a greater perspective from a macro point of view, as many seem confused over this hyper aggressive bullish sentiment. The reason is one and one alone and has a very short name: E T F Yes, everyone that is following the market knows that on January 11 2024, the first Bitcoin ETF was launched on the U.S. market and after a quick dip, the price has been rising every since. Other macro factors are playing their role, such as the AI technological innovation, the upcoming Halving, the anticipation of Fed rate cuts by June etc. But BTC has never made a new All Time High (ATH) before the Halving before, and this is primarily attributed to the ETFs introduction. What better case to compare Bitcoin's price action to Gold's following its own ETF launch. That was done on March 28 2003 and the result you can see on the right hand chart. Gold used its 1W MA50 (blue trend-line) as a Support to fuel an 8 year parabolic rally, which only broken during the shock of the 2008 Housing Crisis, but still managed to recover the extend the rally until August 2011. That peak almost on the 4.0 Fibonacci extension level from the High (January 1996) that preceded Gold's ETF. If Bitcoin follows a similar trend to Gold's (note that Gold's market cap is around $14.530 Trillion, while BTC's is 'only' $1.445 Trillion), it can reach and even surpass emphatically the $1000000 mark (the 4.0 Fib for Bitcoin is at $6 million). Crazy as this may sound (well that's Bitcoin's life story, everything has been 'crazy' at $1, then $10, $100, it was deemed expensive by some even at $1000 and so on), there is no time restriction nor the necessity to reach seemingly extraordinary levels in 8 years or 10. As the market matures, fiat currencies are devalued by more inflation etc, and adoption is accelerated, this may be a process that takes up 15, 20, 30 years. The key, not just for fund managers but also average investors, is to hold Bitcoin in their portfolios just as it has been paying off since 2003 to hold Gold. Buy what do you think about these two assets and their potential similarities of their post ETF trends? Feel free to let us know in the comments section below! ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:BTCUSDLong
by TradingShot
16