These past 2 months have been brutal in terms of Bitcoin capitulating and not being able to properly identify a clear trend, bullish or bearish. Until about now, I too was confused where the price of Bitcoin was headed and brought out all the tools to help me: Stock-to-Flow ratio, BLX logarithmic chart, as well as the Bitcoin Dominance Ratio. I came to the conclusion that Bitcoin is going to continue its bull run in a 2nd cycle / wave going into the rest of this year.
The capitulation sell off we saw from $60,000 is still ongoing and we are currently still working towards finding a viable bottom. This being said, I believe the viable bottom found on BItcoin is the support level at $33,099.
BTC 1st caught support at $33k in the middle of May which I identified, then found another 33k bottom (without a candle close below), to finally just last night confirming a triple bottom pattern. These signals are very bullish that we are continuing this trend, however, it is going to take a little bit of time to fully reverse. BTC and the other leading cryptos are well on their way to reverse, we just need to be patient with them.
The next targets i’m looking for on BTC are:
TP1 🎯 $37,560
TP2 🎯 $39,696
TP3 🎯 $41,337
These are shorter term targets that i’ll update in my next read.
Thank you for taking the time to read this and as always please do your own research, I am not a financial advisor.
The capitulation sell off we saw from $60,000 is still ongoing and we are currently still working towards finding a viable bottom. This being said, I believe the viable bottom found on BItcoin is the support level at $33,099.
BTC 1st caught support at $33k in the middle of May which I identified, then found another 33k bottom (without a candle close below), to finally just last night confirming a triple bottom pattern. These signals are very bullish that we are continuing this trend, however, it is going to take a little bit of time to fully reverse. BTC and the other leading cryptos are well on their way to reverse, we just need to be patient with them.
The next targets i’m looking for on BTC are:
TP1 🎯 $37,560
TP2 🎯 $39,696
TP3 🎯 $41,337
These are shorter term targets that i’ll update in my next read.
Thank you for taking the time to read this and as always please do your own research, I am not a financial advisor.
