We are currently in a rising wedge pattern, which is generally considered a bearish setup. Despite multiple attempts, we've been unable to break above the 100k mark, which has proven to be a significant psychological barrier, accompanied by strong selling pressure. As we approach the new year, I believe there's a high likelihood we may see a pullback to the 75k level. However, this could set the stage for a strong reversal, invalidating the bearish scenario and paving the way for a move toward the 170k target. During this dip to 75k, we could also see a major altcoin season, with many altcoins potentially experiencing significant rallies.
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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.