Bitcoin at the brink of... what exactly?Seems like Bitcoin is at the brink of an outbreak, but if bulls aren't strong enough, it might go down again for a while.
Since March '24, Bitcoin is building up a huge megaphone pattern, which should be a good, bullish sign. The price has escaped this pattern lately, but if Bitcoin falls below 65k, we're in it again and it might take another turn down, maybe even to 42k, until it's going up again.
I'm quite positive that this is not going to happen, since we're at the end of the year, which is usually a good time for bulls. Plus the US election will relieve tensions in the market, once it's finally over - if nothing bad happens, like e.g. what happened in January at the capitol last time.
If the breakout lasts, I'd say there's a good chance for a new price explosion similar to the end of 2020, which could bring up BTC to roughly 260k in the best scenario. This would also be in line with the 4-year cycle, Bitcoin follows for some more time now, mainly due to the halvings. There are however some resistances in between, for example the Fibonacci levels at 105k and 165k. Additionally the 100k threshold will most likely be hard to crack, especially since the Fibonacci level is just 5k above.
Whatever the near future, I'm optimistic, we'll reach the goal of >250k within the next 18 months. I could even image it going higher, since the increase in price was almost 10x between the peaks in 2014 and 2018. Between 2018 and 2021, it was only about 3x, which in my opinion was caused by the pandemic and Trump's free money leading to an early rise and finally in a double top.
