Bitcoin Price Analysis Update
I’m updating my previous published idea, which remains active, with a new analysis of the Bitcoin chart based on chart patterns. This method appears more robust for predicting price movements, especially as I don’t foresee any external factors significantly impacting Bitcoin’s price in the coming months.
Technical Analysis
According to the chart, Bitcoin’s price movement indicates an inevitable reach to the first floor area starting at 61k. From this point, I see three potential scenarios unfolding:
1. Option 1: Bounce before Breakdown
This option suggests that Bitcoin might experience a minor bounce before ultimately breaking down.
2. Option 2: Breakdown (most probable)
In this scenario, Bitcoin will break down through the channel it has formed over the past weeks (57k to 73k). This is supported by the current price action and volume profile, making it the most likely outcome in my view.
3. Option 3: Triple Bottom and Bounce to ATH
Although less probable, there’s a chance Bitcoin might form a triple bottom before making a significant bounce back to its all-time high (ATH).
Price Target
The Point of Control (POC) at 43k aligns with the pattern breakdown target. This convergence solidifies 43k as a plausible next target. Given the current patterns and volume nodes, this movement will likely unfold over the coming months, so be prepared for a dynamic ride.
Stay tuned for further updates!
In summary, I see Bitcoin breaking down from the current channel it has formed (57k to 73k), with the 43k level being a key target based on the POC and pattern breakdown. The second scenario (Option 2) is the most probable, followed by Option 1, and finally Option 3. Keep an eye on the charts and manage your risk accordingly.
Technical Analysis
According to the chart, Bitcoin’s price movement indicates an inevitable reach to the first floor area starting at 61k. From this point, I see three potential scenarios unfolding:
1. Option 1: Bounce before Breakdown
This option suggests that Bitcoin might experience a minor bounce before ultimately breaking down.
2. Option 2: Breakdown (most probable)
In this scenario, Bitcoin will break down through the channel it has formed over the past weeks (57k to 73k). This is supported by the current price action and volume profile, making it the most likely outcome in my view.
3. Option 3: Triple Bottom and Bounce to ATH
Although less probable, there’s a chance Bitcoin might form a triple bottom before making a significant bounce back to its all-time high (ATH).
Price Target
The Point of Control (POC) at 43k aligns with the pattern breakdown target. This convergence solidifies 43k as a plausible next target. Given the current patterns and volume nodes, this movement will likely unfold over the coming months, so be prepared for a dynamic ride.
Stay tuned for further updates!
In summary, I see Bitcoin breaking down from the current channel it has formed (57k to 73k), with the 43k level being a key target based on the POC and pattern breakdown. The second scenario (Option 2) is the most probable, followed by Option 1, and finally Option 3. Keep an eye on the charts and manage your risk accordingly.
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