Bitcoin - A possible path to a new ATH
After a sharp downward move caused by the Fed’s announcement yesterday, we are left wondering if we have found a local bottom.
Too many unknown economic factors are at play to be able to make a good prediction, however I think cryptocurrencies may trend lower for a few more weeks. Consider DCA into top performers.
Strong support around 32K for BTC.
If BTC makes a similar recovery as it did following the last correction (May 2021) , we could see a return close to ATH by mid-end of May 2022. If this plays out, it may form a nice cup-and-handle pattern, but with strong support at the 69K level due to previous ATH, providing an opportunity to form a new ATH around 93K by September.
Let’s see how this plays out. I would feel very good about buying Bitcoin at 32K.
Too many unknown economic factors are at play to be able to make a good prediction, however I think cryptocurrencies may trend lower for a few more weeks. Consider DCA into top performers.
Strong support around 32K for BTC.
If BTC makes a similar recovery as it did following the last correction (May 2021) , we could see a return close to ATH by mid-end of May 2022. If this plays out, it may form a nice cup-and-handle pattern, but with strong support at the 69K level due to previous ATH, providing an opportunity to form a new ATH around 93K by September.
Let’s see how this plays out. I would feel very good about buying Bitcoin at 32K.
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