Current Situation:
Bitcoin has encountered a significant resistance level at $49,000, accompanied by an RSI suggesting an overbought state.
Profit-Taking Scenario:
Investors who bought Bitcoin at an average price of around $24,000, thereby achieving approximately 100% profit, are starting to sell their holdings. This trend is particularly noticeable among investors who purchased within this price range in 2021. Driven by fears of the price dropping back and losing their opportunity to sell at a profit, their actions could potentially lead to a decline in Bitcoin's price.
Possible Price Movements:
As previously mentioned, Bitcoin reached the $48,000 mark zone, which was then followed by a correction toward the $33,000 and subsequently the $30,000 level.
During this downturn, it presents an opportunity for those who previously missed out on investing in crypto.
Future Predictions:
Referring to the first chart, the Blue line wave symbolizes the Bitcoin halving events, where historically, the price has surged by approximately 750% to 3400%.
The Green wave indicates the end of this cycle, while the Red wave signifies the bottom of Bitcoin's value.
Projecting ahead to the 2026 cycle, and taking into account the next halving event scheduled for April 4, 2024, it is anticipated that Bitcoin's price could ascend to between $160,000 and $290,000.
Disclaimer:
Please note that I am not a financial advisor. This analysis represents my personal viewpoint and should not be considered professional financial advice.
Follow me for more, thank you
Bitcoin has encountered a significant resistance level at $49,000, accompanied by an RSI suggesting an overbought state.
Profit-Taking Scenario:
Investors who bought Bitcoin at an average price of around $24,000, thereby achieving approximately 100% profit, are starting to sell their holdings. This trend is particularly noticeable among investors who purchased within this price range in 2021. Driven by fears of the price dropping back and losing their opportunity to sell at a profit, their actions could potentially lead to a decline in Bitcoin's price.
Possible Price Movements:
As previously mentioned, Bitcoin reached the $48,000 mark zone, which was then followed by a correction toward the $33,000 and subsequently the $30,000 level.
During this downturn, it presents an opportunity for those who previously missed out on investing in crypto.
Future Predictions:
Referring to the first chart, the Blue line wave symbolizes the Bitcoin halving events, where historically, the price has surged by approximately 750% to 3400%.
The Green wave indicates the end of this cycle, while the Red wave signifies the bottom of Bitcoin's value.
Projecting ahead to the 2026 cycle, and taking into account the next halving event scheduled for April 4, 2024, it is anticipated that Bitcoin's price could ascend to between $160,000 and $290,000.
Disclaimer:
Please note that I am not a financial advisor. This analysis represents my personal viewpoint and should not be considered professional financial advice.
Follow me for more, thank you