Happy Saturday Everyone! 😃
It's been a little over two weeks since my "crazy" post and video where I spoke about why I think that Bitcoin could reach 165k to 360k before we break the uptrend on the larger time frames and fall into a full on bear market.
The original Idea and the follow up video got a lot of traffic and I want to thank all my new followers and @UnknownUnicorn305 for the support! 😃🙏
I decided to post an update here on the Monthly BTCUSDT chart for better visibility.
Original Idea:
"...The Idea is simple, as you can see BTC has never fallen below the 200 Week SMA (black line), not even during black swan events like the start of the pandemic in 2020
... Bitcoin hasn't found the top yet as an 85% correction from the current 69k top would take us to about 10k and we would have to break the 200 week SMA which as previously mentioned, has never been broken.
Hence a result, to imitate the behaviour of Bitcoin during and after the ATH's in 2013 and 2017, BTC would have to rally to about 165k before dropping back down to the 200 week SMA..."
Update:
- The average correction after reaching a new ATH was 83% from top to bottom since 2010.
- 360k+ is more likely than 165k top since the weekly 200 SMA reaches 60k+ (rough estimate) after BTC reaches a top of 360k+..
- All ATH's since 2010 are taken into consideration.
Stay tuned for my Bitcoin update video 🎬, where I will discuss the most bullish path to reach those targets of 360k+! 📈
I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
It's been a little over two weeks since my "crazy" post and video where I spoke about why I think that Bitcoin could reach 165k to 360k before we break the uptrend on the larger time frames and fall into a full on bear market.
The original Idea and the follow up video got a lot of traffic and I want to thank all my new followers and @UnknownUnicorn305 for the support! 😃🙏
I decided to post an update here on the Monthly BTCUSDT chart for better visibility.
Original Idea:
"...The Idea is simple, as you can see BTC has never fallen below the 200 Week SMA (black line), not even during black swan events like the start of the pandemic in 2020
... Bitcoin hasn't found the top yet as an 85% correction from the current 69k top would take us to about 10k and we would have to break the 200 week SMA which as previously mentioned, has never been broken.
Hence a result, to imitate the behaviour of Bitcoin during and after the ATH's in 2013 and 2017, BTC would have to rally to about 165k before dropping back down to the 200 week SMA..."
Update:
- The average correction after reaching a new ATH was 83% from top to bottom since 2010.
- 360k+ is more likely than 165k top since the weekly 200 SMA reaches 60k+ (rough estimate) after BTC reaches a top of 360k+..
- All ATH's since 2010 are taken into consideration.
Stay tuned for my Bitcoin update video 🎬, where I will discuss the most bullish path to reach those targets of 360k+! 📈
I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
