Bitcoin price bottom reached? Then target for growth is $355000Today our main goal is to inspire you with positive thinking, because there is too much negativity in the market.
Therefore, immediately a spoiler: "who will not give up and stay in the cryptocurrency market, they will be happy in the future"
To begin with, the current fall of the cryptocurrency market is directly linked to the possible bankruptcy of FTX.
But not everything is clear, there are many backstage games and such problems do not arise and are not solved in a few days. Yesterday Binance wanted to buy FTX, but now it does not. There is hope that next week Justin Sun will inject its own liquidity and save FTX. In general, we started to keep a chronology of events around FTX on the FTTUSDT chart back on 07.11, when the price was $22.6, if you are interested, we invite you to read:
To summarize, the FTX liquidity gap is currently estimated at $8bn, only the theft of BTC from MT.Gox in 2014 at the current price of +/- $11bn was bigger. This is if we compare the problems of crypto exchanges, which at one time occupied 2-3 places in the top.
Here is the BTCUSD chart since 2012. On this chart, we depicted parabolic arcs accompanying the growth and correction of the Bitcoin price from the beginning of trading and into the future.
The red arc shows the limits of critical falls
The blue arc shows the boundary of historical highs.
The range between the yellow and red arcs indicates critical purchases by "big money" while small and medium deposits sell their assets due to "bad news"
Above the yellow arc, the growth trend is gaining a natural character.
After breaking through and fixing the price above the light green arc, the growth trend accelerates. Also, the range between the light green and blue arcs can be called a "healthy environment for the Alt-season"
Why do we think that the bottom, if not already was, is very close?
Below we will present you some of our ideas that we published during the last 2 years. Not to brag or anything like that, but to show that in different periods of the market, calculations, patterns, or fractals have suggested +/- the same range of potential "bottom" in the future.
Publication from 28.02.2021
If you re-read the idea and turn on the workout, you will see that the target of the drop was $12000. However, this fall has shifted in time, and now the price of BTCUSDT is at the marginal support of dynamic Fibo levels.
Publication from 19.10.2021
The assumption was the formation of the "Double Top" reversal pattern. The range of working out of this pattern is from $63k to $12-16k
Publication from 25.01.2022
The growth was stopped by sellers at the critical point of $44500 and finally broke through the parabolic growth trend. The possible range of BTC price drop is $12-14k
Publication from 08.05.2022 with a screaming name that the apocalypse in the cryptocurrency market is possible if the "Head and Shoulders" pattern begins to work out
Unfortunately for most crypto enthusiasts, this pattern has already started its development. The target of this pattern is above $14900, the current low of $15500 is very close and the statistical error has not been canceled.
Of course, only you can evaluate the development of ideas, we are ready for constructive criticism in comments under this idea.
Let's move on.
The Bitcoin price chart clearly shows one interesting pattern.
Previously, there was already "BTC halving" 3 times. And it turns out that "the halving" was exactly in the middle between the absolute bottom and the absolute maximum of the current trend price movement.
It happened in 2012, 2016, and 2020, just check it on the chart.
The next halving is projected for early April 2024 (it may fluctuate +/- a few weeks depending on the BTC mining capacity involved)
So if we compare all the facts and assumptions based on this chart, we can come to the following conclusion:
- "The absolute bottom of the current trend may occur in the coming days/weeks, if not already was, in the range of $14-16k.
According to our calculations and assumptions, the potential for BTCUSDT price growth is up to $355-360k . In terms of time, such a goal can be achieved no earlier than autumn 2025.
If you liked our visualization and description of the chart: like it and write a comment under the idea. In this case, you will be subscribed to the idea, will receive updates on our thoughts on it, and will also be able to track the development for the next three years.
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