Today's article is just an update on market events, let's check Bitcoin if it is sure to be $100,000 by the end of the year or there will be another mid cycle correction like what happened last May. I will show some other charts as well from sources we can trust and I will discuss why it is important that you should not ignore the metaverse coins and always have a long term perspective.

Now, let's look at the daily chart of Bitcoin today, I will do some price action analysis, it looks like a big ascending triangle but other traders may have a different interpretation there and the price of Bitcoin is now playing in the area of ​​resistance level, Bitcoin was all time high a few days ago and reached $69,000 but rejected and dropped again to $64,000, as usual the other altcoins were pulled down again. Based on price action because the candlesticks are a bit stiff and then it won't break out really hard because the momentum is hanging and the source is far away. Although it dipped to $63,000 and we are still bullish, if the buyer side is really strong here, Bitcoin will just range below the resistance and the price level will bounce from $58,000 to $64,000. However, it can fall to the $52,000 price level then rise again, worst case scenario a breakdown to $40,000 which is bearish when it bounces and it forms another lower-high meaning that the smart traders have already exited and followed by another lower- low, then a possible start of a bear market.

Always remember that the market is cyclical, after a bull market there is always a bear market waiting but I believe that we have not yet reached the top of the market and we will also come there and as a crypto investor you should be aware of that, if we compare with previous cycle, because Bitcoin is the first to top and then be rejected then market dominance will fall and this is where the major altcoins like Ethereum, Cardano, XRP, etc. will rally. then the altcoin season will follow, a massive pump from most of the altcoins. So it is important that you are aware of the movement of BTC if you do not want to hold altcoin that has no value in the market but as I said Bitcoin has another leg up and when that happens, you should be ready.

Let's look at this chart by Tech Dev, this is his interpretation of BTC in a weekly chart, this is a long term price analysis, shown here on the 2 weeks RSI channel is the top indicator that when it reaches the green line, its a top signal . At $68,000 price evaluation of Bitcoin we have not yet reached the top of the market, if we look closer we can easily identify the tops and bottoms of the market based on this model. Bitcoin has a top probably in the third quarter of 2022, I see that we haven't reached that yet but it's close. This model is based on history and history may not repeat itself but always rhyme and this is just a guide.

Let's look at this, the comparison of the previous bull run, 2017 Bitcoin bull run is blue color that you see on the chart and this yellow is the price action of gold when the ETF was approved in 1970. Now this is the trajectory they are looking at, if you notice that they are almost the same and we are here now at the $65,000 price level, Bitcoin is here now and you can see on the chart the mid cycle low and this is what I'm saying 1 leg up ( the one with circle on the chart), that's massive, if what happened in the past will be repeated it will really exceed $ 100,000 and so on reached $ 200,000 per Bitcoin probably in 2022. However, Bitcoin is always full of surprises and always exceeds the expectations of most, I will not be surprised if it exceed the expected price, the probability of this happening is higher than we fall to 0.

Now let's go to the metaverse coin category. I think this is the next trend and you have to pay attention. We are at the beginning probably 5 to 10 years from now, the top 10 here could reach multi-billion market cap, if we look at this, Dencentraland had a huge pump since then, but I will not buy that, I will wait for it to fall maybe when -50% or -80% and I will hold it for years, but in the long term you don't need a good entry point because quality projects like this, even if their price drops, they will definitely be able to recover, you will just buy here and one, put that together, read the white paper then you can invest and also invest what you can afford to lose.

DISCLAIMER: This article was written i
n November 12, 2021

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The information above does not constitute investment advice, financial advice, trading advice, or any sort of advice. I'm not a financial advisor nor an expert in such, so make sure you always do your own research first before investing. Happy Trading, Earning, Playing and Learning everyone!

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