Bitcoin hit 44 000$
GOOD DAY, CRYPTO FAM
what a beautiful start to the week it has been. Bitcoin touched 44 000$ for the first time since April 2022 roughly 600+ days!
But what’s next? Where will we top? will we go up continuously and the bull market has kicked off? Let’s cover it in the updates.
I’ll at the end reveal my last game plan for the upcoming weeks.
Technical analysis bitcoin
Many were trying to time where Bitcoin would top out, most thought at 38k but no, then 40k but again no, and meanwhile we are at 44k.
This is what I mean by “learn to flow with price action instead of predicting it.”
Many stop losses were hit as we broke above 38/39k and people are in disbelief.
Others were selling their BTC at 38k and are likely now in regret. The thing with selling in a disbelief phase is if you don’t understand history you will likely sell “too early” and miss out on another big move with the hopes of price retracing below your selling point which in many cases doesn’t even happen anymore.
In the disbelief phase, history is key.
1: If we pull our Fibonacci tool from the top of 2013 to the bottom of 2015 we can see that price mostly went up in one straight line and when it didn’t it was mostly consolidating (as we are doing now in 2023) but what’s more interesting to see is that the first major crash happened when we hit 800$ which is located at the golden ratio aka the 61.8% fib level which is an important Fibonacci zone.
After that major crash which was around the halving, bitcoin continued in a bull run.
2: If we do the same as we did above from the top of 2017 to the bottom of 2018/2019 we can see that the same thing happened, price hit the bottom and went up in one straight line, again till we hit the golden ratio aka the 61.8% fib level. After we hit the golden ratio, the market started to descend. (more than usual due to covid)
After the “last major crash,” the halving happened and we entered a bull run.
Coincidence?
3: and now we are where we are today. Again we do the same, from the top of 2021 to the bottom of 2022, and again the same happened, price hit the bottom and has gone up ever since and so far no major crashes only consolidation areas and further breaks to the upside, the same scenario as what happened in 2013-2015.
We are at 44k right now and our next higher timeframe golden ratio is located between 48/50k. As we now can see, historically, the golden ratio has been a massive resistance zone before a bull run so the same could be expected again once we hit between 48 and 50k which could cause a crash before the bitcoin halving as that (in historical perspective) makes the most sense.
history does not repeat itself but it often rhymes
The rest of the market
As bitcoin continues to climb we will likely see alts move bearish or consolidating. this I due to capital being switched around going from small caps to alts to bigger caps.
Now the capital is flowing in BTC and might soon convert again to smaller caps as bitcoin and the rest of the market might face some downside momentum if we find resistance at the golden ratio as mentioned above.
all in all, the (potential) upcoming downside will give you one last opportunity to settle yourself well before a bullish cycle restarts.
My upcoming plan