🔥 Bitcoin Bulls Holding By A Thread: What's Next

14 Jan

In my recent Bitcoin analyses I've talked about the fact that I expected the Spot ETF announcement to be a sell-the-news event, helped by two important resistances lying at the 48k-50k area. See below for my in-depth analyses:

As expected, Bitcoin has reversed from the 48k area and is currently trading at 43k-ish. The bullish trend is still not broken, so there's some hope left for the bulls.

In order to fully confirm my bearish bias, I'm waiting for BTC to fall through the yellow area of support. This support has been holding since early December, so it would definitely be a long-term shift if it would break.

If we will close a weekly candle below 40k, there's a decent probability that we will move towards the bottom support of the diagonal channel (see first analysis), potentially even lower.

As mentioned before, this bearish move is likely the last one before the "real" bull trend starts. BTC has historically always dumped in the first months before/after the halving, so this potential dump is nothing out of the ordinary and will likely function as a spring towards new all-time highs.