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manni84

Bitcoin looks poised to bounce from 0.23 fib retracement

Bitcoin (BITSTAMP:BTCUSD)  
manni84 Updated   
BITSTAMP:BTCUSD   Bitcoin
Trend Analysis Chart Patterns
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trendanalysis chartpattern
Bitcoin looks poised to bounce after testing 0.23 fib retracement. Although I feel it should consolidate in 24k-43k range for the next year or so as the OBV is still sideways but it should make a new high in the next 2-3 years after the halving event.
Comment:
BTC has broken down. So seems we are going in for the long consolidation phase. During this phase as usual some alts can bleed more. BNB is one such chart that has held out well so far but is testing multi year support line. 200 is the key level to hold for BNB.
Comment:
We did hit 43k after the fake breakdown. Bitcoin ETF is coming within a month now. It has already given a huge run this year. So I expect this to be a sell the news event. A positive ETF news will probably take BTC to 48-50k range which will likely see a huge sell off (in 1st Qtr of 2023) probably towards 35k-38k range. Following that I expect huge money flowing into bitcoin and by 2024 year end I expect we'll be close to 100k (if not more).
Comment:
Every BTC correction seems to be very shallow and quick so far. After correcting from 49k to 38.5k, there was a huge influx of money into BTC. Even I didn't expect BTC to hit a new ATH so soon but here we are at 70k. This is probably the first time that we saw BTC hitting a new ATH before the halving event. This shows there is a huge demand. I expect a minimum of 120k this cycle but with the huge demand from institutions, it may well surpass our expectations.
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