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A Common Bitcoin correction or something more?Bitcoin has had a few people panicing recently with it's price action and how it's behaving. However if we take a step back and analyse what's going in the fact of the matter is that its acting rather normal and going through most of the routine price action it usually does. Pullbacks are common place in Bitcoin and crypto currency in general and as it stands right now we are experiencing a very common correction. If it stays in the realm of "common" or around the average of a 25-30% correction, this would end around the $55,000 area. This correction would coincide close to the 9 day EMA as well as the anchored VWAP from the ETF launch. While a deeper correction is certainly possibly, I find it more probable that price starts moving in a very choppy or sideways pattern when summer comes around as opposed to parabolic moves like we have seen. Of course, this is not to see we won't advance higher. I think in the long term we will move much higher but I believe it will take time to get there. The biggest catalyst for Bitcoin right now is the approval of the ETF's, these have brought in an influx in cash and will most likely continue to attract investors with Bitcoin being one of the best performing asset classes at the present moment. A few technical's that I like: I like that RSI is still overall in an uptrend and we haven't seen any divergences on the larger time frames MACD has continued to show resilience and has been in a steady uptrend. While it did print some minor weakness that has meant we are in for some consolidation, which is to be expected and quite frankly, needed. Bottom line: This "support" zone needs to hold. If these area's hold and buyer's regain control I expect Bitcoin to go much higher in the coming months. Cheers, TCD
COINBASE:BTCUSDLong
by ChartDudes
5
Bitcoin's Halving Event: Impact, Expectations, and PreparationsAs the cryptocurrency community eagerly anticipates Bitcoin's upcoming halving event, there's heightened discussion regarding the digital asset's potential trajectory. With Bitcoin preparing for its third halving, traders and investors are deliberating on the opportune moment to engage with the market. The halving, an inherent feature of Bitcoin's protocol, serves to reduce the rate at which new coins are introduced, effectively managing inflation and preserving Bitcoin's scarcity. Historically, the halving has been a pivotal event in the cryptocurrency market, often accompanied by increased volatility and speculation. Leading up to the halving, market sentiment typically turns bullish, with traders anticipating potential price surges as Bitcoin's issuance rate diminishes. Nonetheless, caution is advised, as some investors remain apprehensive about a potential post-halving market correction. Recent bullish momentum has propelled Bitcoin to new highs, breaching significant resistance levels and impacting altcoin markets as well. Currently hovering around the $64,000 mark, Bitcoin experienced a retracement from its recent peak near $73,680. However, many view this pullback as an opportunity to enter the market ahead of potential post-halving price increases, citing historical precedents. While economists speculate on Bitcoin's future potential, forecasting values upwards of $100,000 and beyond, a balanced perspective is crucial. Market dynamics are influenced by a myriad of factors beyond the halving event, including macroeconomic trends and regulatory shifts. Investors are urged to approach their decisions judiciously and adhere to sound trading strategies aligned with their financial objectives and risk tolerance. While the halving event may present enticing opportunities, it's imperative to consider the broader landscape of the cryptocurrency market and exercise prudent decision-making accordingly.
COINBASE:BTCUSDLong
by FOREXN1
1
Bitcoin Bullish Fractal Bars Pattern To $100k, $155k, and $250kHere's a slightly different chart showing how Bitcoin will likelyt proceed quickly to $100k once we break the $70K triple-top resistance, which I see happening quickly. With Fresh NASDAQ:IBIT money continuing to flow into Bitcoin and the markets, this market has plenty of rocket fuel on the sidelines to send this rocket into the stratosphere. Not only does the previous cycle fractal pattern show how Bitcoin can hit these levels this cycle, it also overlays perfect (with minor adjusting) with the Fibonacci projections that correctly forecasted the prior cycle high at the Fib 3.618 level. The 3.168 number for this cycle would be $210k but I think it's reasonable to overshoot that this time with all the money on the sidelines waiting to come in. We're already starting to see and hear rumors of Tesla buying, Qatar and potentially other sovereign wealth funds, even China. How high will Bitcoin go this cycle? Here's a good roadmap for now. But new information = new dedision. I'll keep you updated. What do you think?
Long
by BrettFogle
BTC - Bullish 🐂Vibes R Back 🌞 24H & 7D Upside PotentialOptimism about upcoming rate cuts by leading central banks as of June, may however continue to support the rebound witnessed over the weekend, with Bitcoin rising 4.9 percent to $67.251 over the past 24 hours. “It appears that Bitcoin is trying to break higher, and our upside targets of $83,000 and $102,000 could slowly be at play,” the Head of Research at 10x Research, Markus Thielen, said in his daily brief. The CEO of ARK Invest, Cathie Wood, remains ultra-bullish as for Bitcoin’s price development. “Since the Securities and Exchange Commission (SEC) gave institutions the green light to Bitcoin, if they were to allocate more than 5% of their portfolios to Bitcoin as we think they will – that would add $2.3M to the $1.5M price target we initially gave,” she is quoted as saying by CryptoSlate during a Bitcoin Investor Day held in New York on Friday. A bullish sun shines over the global crypto market in the next 24 hours, indicating upside potential for all coins covered by ATTMO, Bitcoin included. Over the coming week, the trading conditions will be mixed with most coins continuing to profit from the bullish outlook. Follow us for more crypto news and weather reports!
BITSTAMP:BTCUSDLong
by ATTMO
Market Update - March 22, 2024 BTC drops below $61K for the first time since the start of March: Investor confidence dwindled as the market saw the first consecutive negative outflow days for the Bitcoin ETFs this month, with Grayscale Bitcoin Trust (GBTC) experiencing its biggest outflow since launch of $642.5M on Monday, followed by another sizeable $443.5M outflow on Tuesday. Fed keeps interest rates unchanged: The US Federal Reserve held interest rates at the May FOMC meeting, but is still anticipating three cuts by the end of the year. This was widely celebrated by markets as the S&P 500 and Nasdaq set a new all-time high and bitcoin reclaimed $67K. Hope for ETH ETF approval by the Securities and Exchange Commission (SEC) dwindling: The price of Ether (ETH) experienced a fairly dramatic fall this week from $3.64K to as low as $3.06K on Wednesday morning. The fall was in response to a recent sentiment shift around the possible ETH ETF approval in the coming months. Recent SEC delays to proposals from VanEck, Ark, Hashdex and Grayscale, along with comments from prominent ETF analyst James Seyffart suggesting the SEC will decline these approvals, have lowered confidence among investors. SOL defies market downward trend and breaks above $200: For the first time in two years, Solana (SOL) broke above $200 this week, with analysts suggesting this could be linked to the large surge in activity on the Solana network, which has been driven by a frenzy for newly launched Solana-based memecoins. AI fascination continues as NVIDIA AI conference kicks off this week: The conference caused a short-lived rally in AI tokens, despite the overall downward market trend in the market this week, with Render (RNDR), Akash (AKT), Fetch.AI (FET) and Bittensor (TAO) all posted double-digit gains. 🌸 Topic of the Week: The Solana Blockchain 👉 Read more here
GEMINI:BTCUSD
by Gemini
Bitcoin - On the way to 200,000?To what level can Bitcoin rise? There is an analyst that I respect a lot, from Standard Chartered, who has considered the most likely target for Bitcoin's rise, the price of 200,000. I am more of a chart person, and we are going to go level by level, seeing the evolution of the price on the chart. Financial advisors who have recommended their clients invest in cash Bitcoin ETFs have advised them to allocate 3.5% of their financial assets. It strikes me that the group of financial advisors who have made this investment recommendation to their clients is a small group. Institutions have not yet entered Bitcoin spot ETFs in large volume, because they have not had time to decide, and they will most likely do so now once a correction has begun. So there is money waiting to flow into spot Bitcoin ETFs. In such a way, that analyst's forecast can be fulfilled. Now, I prefer to look at the chart. What are we seeing in the short term? The day before yesterday, there was less money coming into the spot Bitcoin ETFs, and yesterday we had net outflows by funds from the spot Bitcoin ETFs. What does this reveal? It reveals that the bubble of optimism of people who believed that there were not going to be enough bitcoins for everyone is being punctured. We see that desire to buy Bitcoin has been reduced. And what do we see on the chart? The medium and long-term trend continues to be bullish, and what we are witnessing is a correction. It is an orderly, logical and normal correction. There is a bearish channel, and I have established first resistance at the 68.123 zone. In the short term, we are going to consider as the most likely scenario that Bitcoin continues to fall to that support zone that is around 61.000 And when it reaches that zone, or when we see some type of exhaustion pattern, we will think about whether it has made a bottom and can deploy another leg upwards. Guys, what do you think? Leave a comment with your thoughts.
BITSTAMP:BTCUSDLong
by tradingconmike
4
📈Bitcoin Next Stage 75K? / Trading setups (Updates soon)📉BINANCE:BTCUSDT COINBASE:BTCUSD Hello dear traders. A few hours ago, before I left the Bitcoin analysis chart. I drew two bullish and bearish scenarios for Bitcoin. Despite being late for a valid entry, I still think Bitcoin will go near the $75,000 level before the price correction. However, in the current situation, Bitcoin should not go back below the pitchfork nearest line (blue line). A bearish scenario could happen sooner if Bitcoin returns below the indicated blue line. ✌💥If you are satisfied with my analytical content, please share my ideas💥✌ ✍🐱‍👤Otherwise, make sure you leave comments and let me know what you think.🐱‍👤✍ 🍾Thank you for your support. I hope you will gain profit by following my analyses.🍾
Long
by CrazyS
Bitcoins newer all time highOn the 4-hour timeframe, Bitcoin appears to be within a distinct channel. This week, it experienced a decline, reaching the 65654 support level at the channel's bottom before rebounding. Currently, it has bounced off the 67562 support and is heading upwards. If it breaks above 69005, it could revisit all-time highs. Back on March 3rd, Bitcoin formed a flag pattern before reaching its previous all-time highs. Considering the length of the candlestick pole to the flag pattern, I anticipate Bitcoin may reach 75000 before a downturn, potentially returning to the support trend line around 54670.
BITSTAMP:BTCUSDLong
by samstoobad