Tuesday saw a bitcoin candle wick touch below $69,000 for a 6% dip, but this was quickly bought up by a market that is now treating such dips as a godsend. A $4,380 dip has now become a $4,900 buy. This unstoppable bitcoin rally rages on.
Make hay on $BTC
Shorting $BTC right now is like jumping in front of a freight train. The market has just entered into the territory of the last phase of the bull market. Just how long this will last is anybody’s guess, but making hay is probably the order of the day.
By saying that this is the last phase of the bull market might make one think that there is possibly only months left before bitcoin reaches its top, and we enter another long bear market full of pain and misery.
Is a double top a possibility for this bull run?
However, the last bull market in 2021 was a double top, where the top was reached in April, but then a large correction of 55% kicked in before the price rallied and made the second top, which was the all-time-high.
Therefore, given that a top made over the next few months would be a rather early end to this bitcoin bull market, another double top could come into play and help to lengthen the cycle out.
Heavy $BTC buying continues
Of course this is all pure speculation, and no one has any idea of what bitcoin is going to do over the longer term time frame. That said, looking at the current price action, it might appear that the only way is up.
The buying of the 9 Spot Bitcoin ETFs continues at pace, and even though the selling out of the Grayscale ETF is still quite heavy, this is far more than compensated for by the other 9. Also, there is the knowledge that the Grayscale selling should lessen as time goes on and those getting out will have eventually all done so.
Wicks down quickly bought up
Source: Coingecko/Trading View
Looking at the price action for $BTC, it can be seen that it is respecting the up trend line. Tuesday’s wick down not only went back through this trend line, but also made a confirmation of the support of the previous all-time-high.
Now the price has risen strongly back above the uptrend, it looks to be onwards and upwards from here. That said, traders must be aware of more wicks down, although as before, these are likely to be bought up pretty quick.
$BTC targets
$100,000 and $150,000 are two common targets that are being talked about across social media. One obviously shouldn’t base one’s price targets on others’ say so, but according to fibonacci levels, $102,000 and $156,000 are the corresponding 1.618, and the 2.618 levels.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
