What's next for BTC? Down to the $70,000 by the end of summer?🌐 While everyone is celebrating the new ATH for bitcoin. It's time to look ahead and think about what's next for us.
🔥 The approaching summer.
Vacation season for many traders and institutional traders. By this time, usually many people try to trim or completely close their positions, so as not to sit at the charts 24/7, drinking a cocktail on the beach.
As a result, there is much less liquidity in the market.
On June 6, 2024 bitcoin made its last jump to $71,000 and by August it had already fallen to $49,000, but by the fall it started its recovery.
And now everything is clearly reminiscent of last year. The only difference is that bitcoin this time updated ATH. But I don't see that there is enough liquidity in the market now for the price to continue growing in the summer.
⚙️ Metrics and indicators.
RSI - shows a double top in an overbought zone. Last time, the same signal led to another momentum up, with ATH updating and then the correction began.
MACD - has already tried to give a bullish cross section several times, but both times it turned out to be false. But the more attempts are made, the weaker the impulse is as a result and there is a high probability that the next signal will be correct.
Volume - what confuses me the most. It is that the entire rise from $72,000 to the current ATH was on lower volumes. Which is not even comparable to the first spike to $109,000 at the beginning of the year.
This means that there is still no new liquidity in the market, but there is simply no one else want to sell now.
But this will become very apparent in the summer, as I mentioned above.
Even when we reach new ATH, we saw very low liquidations for this price, and so is volume.
📌 Conclusion.
I don't expect much from the current momentum and I think it was more of a shorts takeout. Because the sentiment was worse back in April. But, now that liquidity has been collected, we will move to a new liquidity zone, which is now at the bottom.
I expect us to go down all summer and at least close both GAPs at 103 - 97 and 93 - 85. But there is also a high probability of testing the $73,000 level where there is just a huge layer of liquidity collected.
Except that this time going to $73,000 will not scare anyone, everyone has seen bitcoin rise from $73,000 to the new ATH in just a month.
So I don't rule out the possibility that we may see a price even less than $72,000.
Have a good day!
