Bitcoin's Next Move: Breakout (70%) or Retest at 44K (30%)? 🤔💡

Bitcoin's journey within the ascending channel has presented multiple buying opportunities, particularly appealing at the channel's lower edge. The last noteworthy purchase was near $42,700, and now, as we approach the upper channel boundary around $45,120, we face resistance. A break above $44,200 could signal fresh long positions targeting $47,600. However, current resistance suggests a potential pullback to $44,500 or even to the channel's midpoint near $44,146.

Patience remains a virtue in this market. The recent SEC approval for Bitcoin ETFs triggered a classic 'sell the news' event, but the market is now stabilizing. Anticipation for the upcoming Bitcoin halving and multiple compelling reasons to buy Bitcoin are creating a buzz in the community. So, what's next for Bitcoin? Will we hit the $47,000 mark, or is a dip to retest $44k more likely? Based on my analysis, there's a 70% likelihood we'll reach $47k and a 30% chance we'll revisit $44k.

Let's not forget the anonymous poll results from the FX PROFESSOR (Public Crypto Channel), which showed a community leaning towards testing 49K again soon with a 42% vote, while 34% anticipate a dip to $40k first. These insights are valuable as we navigate the volatile crypto waters.

As we move forward, keep an eye on vaults ready for fresh breakouts. With the Bitcoin halving on the horizon, the probability of a breakout stands strong. The key is to manage risk with controlled stop losses just below the breakout level.

So, do you think Bitcoin will surge past $45,200 for a clear breakout? Share your thoughts in the comments.

One Love,
The FXPROFESSOR 💙

Comment:

www.tradingview.com/...x/UrcitYlk/Breakout! off to 47k+

Comment:

careful now people