Has Bitcoin already reached its peak, or just a Shakeout?

3 Apr

Let's address the common question here:- Has Bitcoin already reached its peak, or is there still more potential for growth?

Taking a look at the chart, Bitcoin (BTC) is presently trading near the 35-day Exponential Moving Average (EMA), a level that often serves as a short-term support for price bounces. The subsequent support level could be around the .382 Fibonacci retracement level, approximately at the 60.2k mark. Interestingly, this level coincides with the 65-day EMA, suggesting a robust support zone. Therefore, it's plausible to anticipate price consolidation between these EMAs, influenced by both lower time frame (LTF) and higher time frame (HTF) support levels.

Moreover, a potential catalyst for a breakout could be the upcoming halving event. Historically, Bitcoin has experienced price rallies following halving events due to decreased supply issuance. This suggests a possibility of upward momentum post-halving.

However, it's important to remember that no one knows with full certainty what will happen; this is all speculation. In summary, considering these factors, two plausible short-term scenarios have been outlined in the chart which I think can play out in the next few weeks!

DYOR, NFA

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I will keep this chart updated and will post more this week.

Thank you

#PEACE