BTCUSD path to 200 000 USD weekly chart overview🔸Hello traders, today let's review weekly price chart for BTCUSD .
going into BTC halving event later in April bulls still maintain control,
having said that, we are closing on on the danger zone, which is
defined by 75 000 - 100 000 usd, so let's review the primary scenarios
for bitcoin prices going forward. No nonsense overview, no dinosaurs,
NFTs, super mario patterns, etc, just pure price action. Let's dive into it!
🔸Looking at the weekly price chart (log scale), bitcoin is trading
in well-defined bullish channel since 2018 on weekly timeframe.
We got a confirmed/strong sequence of higher lows / higher highs,
which is a clear definition of an ongoing uptrend. Prices are projected
to appreciate further, however there are two possible outcomes/scenarios
going forward, so let's review them.
🔸SCENARIO1: uptrend resumes without any reasonable pullbacks,
which will catch a lot of traders off guard, generate strong momentum
and FOMO and BTC then will be projected to hit a final target near
200 000 USD by end of 2024. This is one of the options, definitely, however
traders should be aware of the high danger zone, we are closing in
on it right now - 75 000 - 100 000 usd - high risk of pullback/reversal.
🔸SCENARIO2: after halving initially we get solid gains / BTC pumps
into high danger zone on decent / strong volume, however once we
hit near 75 000 - 100 000 usd momentum fades / dies off and we start
to top out on weekly price chart with heavy sell-side wicks and
bulls eventually lose control near 100 000 usd and then we proceed
into pullback/correction mode. It's possible that we lose up to 50%
of the recent gains in the ongoing correction, based on the weekly
price chart logical/next higher low might be printed near 35/40K.
🔸Bottom-line/recommended trade setups: if you are already
a long-term holder and bought low near 20 000 usd, you should
definitely keep holding and ride out the volatility, as the price
target at 200 000 USD is still very reasonable / possible within
12-24 months. If you bought recently anticipating massive gains
post BTC halving you should be very careful and watch out for
potential reversal near Danger Zone. good luck traders!
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