Looking at the all-time chart for Bitcoin, it appears ultra bullish. We are fresh off of new all-time highs, and the landmark 100k level has been breached. Make no mistake about it: I am a long-term hodler. But, having seen a few of these crypto cycles, I am also a realist.

The volume for this recent move has actually been relatively low, compared to big moves in past cycles. What we are seeing seems to be more hodlers and less traders. But volatility is a feature of Bitcoin. As Cathie Wood likes to point out, it is not a glitch. The recent move appears to be a head & shoulders pattern forming. While not textbook, the H&S pattern can be indicative of a reversal from a bullish to bearish trend. 

Again, it is not a crystal ball but just an indicator that can either turn out to be right or wrong. I have no personal interest in seeing the price of Bitcoin take a significant slide. But, knowing the volatility of Bitcoin and seeing how the price has dramatically risen and fallen in past cycles, a trip back to 64k Bitcoin would not be out of the question. Should that level fall, then the next support comes at 25-30k. 

I don't proclaim to be a technical analysis wizard; this is all based on my experiences looking at charts which has been for the past five years. I will never try to predict a price, but when I see a signal I just keep an eye on it to see if it pans out. To me, technical analysis is less about trying to price forecast and more about gauging where a trend may be headed. It's not always right, but it can be helpful to prepare oneself for future moves.

In short, don't forget that Bitcoin by its nature is volatile. While we celebrate 100k (and rightfully so), just remember that the road to 100k has not been paved with a smooth and straight moonshot line going up. The all-time trend, however, remains very bullish.

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