3 Scenarios for Bitcoin
When a trend of the peaks that Bitcoin has made since 2016 is taken, we see that after each peak that uses this trend as resistance, Bitcoin enters a correction process up to the HP filter.
Bitcoin, which has done this 3 times in history, is doing it right now. In addition, when I apply a Fibonacci analysis to each correction, I clearly see that Bitcoin is currently in the Fibonacci target area of the last bear season.
There are 3 options for Bitcoin right now. Either it will break this trend for the first time and run without any corrections until at least 120k, or it will be rejected from the trend and pull back to 90k, which the HP filter will reach, and then try the trend once more. On the contrary, the worst case scenario is that it will close below the HP filter for the week and fall to 60k, which means bear season.
Even if the bear season comes, I will switch to the buying side since I think Bitcoin will eventually reach 1m. Therefore, it does not matter how many dollars it is for me.
Bitcoin, which has done this 3 times in history, is doing it right now. In addition, when I apply a Fibonacci analysis to each correction, I clearly see that Bitcoin is currently in the Fibonacci target area of the last bear season.
There are 3 options for Bitcoin right now. Either it will break this trend for the first time and run without any corrections until at least 120k, or it will be rejected from the trend and pull back to 90k, which the HP filter will reach, and then try the trend once more. On the contrary, the worst case scenario is that it will close below the HP filter for the week and fall to 60k, which means bear season.
Even if the bear season comes, I will switch to the buying side since I think Bitcoin will eventually reach 1m. Therefore, it does not matter how many dollars it is for me.
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