BTC Market Forecast: Why the Next Bull Wave Might Not Be as Clos
Many in the crypto community believe that the recent correction is over and that the next bull wave is imminent. However, I respectfully disagree with this optimistic outlook.
The key factor here is the strong resistance level at $67,000. For Bitcoin to break through this resistance, an immense amount of buying pressure is required—far more than what we’re likely to see in the short term. Given the current market conditions, it’s unrealistic to expect that this level of buying interest will materialize by September 2024.
The process of gathering enough buyers from around the world to generate the necessary pressure is a slow one. This makes it more likely that the resistance at $67,000 will be broken in 2025, rather than in the coming months. The market needs time to build up the momentum required for such a significant move.
In simple terms, while the next bull run is indeed on the horizon, patience is key. The market needs time to align the forces necessary to push Bitcoin past this critical level.
The key factor here is the strong resistance level at $67,000. For Bitcoin to break through this resistance, an immense amount of buying pressure is required—far more than what we’re likely to see in the short term. Given the current market conditions, it’s unrealistic to expect that this level of buying interest will materialize by September 2024.
The process of gathering enough buyers from around the world to generate the necessary pressure is a slow one. This makes it more likely that the resistance at $67,000 will be broken in 2025, rather than in the coming months. The market needs time to build up the momentum required for such a significant move.
In simple terms, while the next bull run is indeed on the horizon, patience is key. The market needs time to align the forces necessary to push Bitcoin past this critical level.
Note
As we continue to navigate the current market, we are closely monitoring Bitcoin's price action for potential movements. Based on our analysis, we anticipate the next lower high to occur around the $63,500 level.
Support at $56,000: Bitcoin is expected to find support near the $56,000 mark, where it is likely to touch the 1D historical trend line. This area has previously acted as a strong support level, and we expect a rebound from here.
Climb to $63,500: From $56,000, we forecast a rise to $63,500. This upward movement is expected to reach the SMA200 level, a significant technical indicator to influence BTC's price direction.
Bearish Continuation: After touching $63,500, we foresee a drop in BTC's price as the market continues to align with prevailing bearish sentiments. This decline is expected as part of the ongoing corrective phase in the broader market context.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.