BTC - 2 Year Projection on the weekly chart.
With the halving quickly approaching - we see a confluence of various factors in play for BTC. Namely, the 200MA could provide a solid bedrock of support, that along with the prior area of consolidation in the mid-to-low $5k area that we saw in the early part of the year.
All of this is important to keep in the context of the broader longer term view of the halving event set to occur in May. This will instantly lower miner sell pressure on the open market by ~50%, providing an additional factor of price support, allowing a continuation and resumption of price trend to first test the old prior highs of 14/15k, the last macro high at 20k, and ultimately to new highs beyond 100k in the next 2 years.
With the halving quickly approaching - we see a confluence of various factors in play for BTC. Namely, the 200MA could provide a solid bedrock of support, that along with the prior area of consolidation in the mid-to-low $5k area that we saw in the early part of the year.
All of this is important to keep in the context of the broader longer term view of the halving event set to occur in May. This will instantly lower miner sell pressure on the open market by ~50%, providing an additional factor of price support, allowing a continuation and resumption of price trend to first test the old prior highs of 14/15k, the last macro high at 20k, and ultimately to new highs beyond 100k in the next 2 years.