What Happens with Bitcoin?
Just a few days ago it seemed that the rise in the price could be unstoppable and instead during the weekend values of $43,000 were touched. And now what can happen?
Remember: When in Doubt, Zoom Out!
As you can read in this article (Is the S2F Model Still Valid? A Quick Analysis), you need to stop and analyze. That's right: looking at the price from further away, in fact, you can see how, although there is a lot of fear on the markets, the trend remains bullish. What has happened so far can be seen as a correction. Now there are 2 scenarios: the first is a lateralization of the price for a few weeks and the second is a rapid recovery of the range that is above 55 thousand dollars. I did not consider the bear market scenario because, as the PlanB analyst also claims, a down trend starting now would bring the price to $14,000, below the old ATH (20k) and below the 200WMA (18k) which is not never successor.
Furthermore, considering the data coming from the on-chain analysis, we see how the liquid supply available on the exchanges is continuously decreasing. Not only that, at the moment we are at the lowest point of the last year.
In conclusion, I remember that no one has the crystal ball to predict the future, but based on the objective data that we are able to evaluate, this latest decline cannot be considered as the beginning of the bear market.
And what do you think about Bitcoin?
Comment below with your opinion.
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