Topic: BTC at Crossroads (Read 237 times)

A quick review and way forward:



As usual, congratulations to those who followed my analytical advice on this thread, I give 2 to 3 of such in a year and I don't think any of them has failed so far but with huge successes. DYOR!

Bitcoin, having crossed the reference line of $69,280 (as indicated in the original analysis) was able to hit a peak of $93,536, which is an impressive fortune of $24,256 difference within 9 days. I see the Bulls continue to dominate in the future and this may extend till next year even as we may not see $69,280 again until the next bearish season.

However, the asset may be heading for the well-anticipated level of $100,000, which is now more feasible than ever. Bitcoin is impressive!

$100k is an end game price for many people and the human nature will make them shoot their load prematurely, just to make sure they are out with profit, no matter their target was $100k, 98 is still good. So many people will unload at 90s and then if the demand remains high and bitcoin crosses $100k without them their greed will kick in and they'll be buying back at 110, 115 and so on. That's where you'll see the real FOMO, if we get to that point in this cycle.

I feel like we'll be creeping towards $100 next year and then if we go to 110, we may as well see 150k. At that point people will be selling everything to get in, just like they did when they waited for $10k to break in 2017 and a week later it was 20k, or when people thought 40k was a high price but when they sold at 40 and the price went back above 40 2 weeks later, they got back in and we jumped another 10k up within days. At that time it was 25% in a week, like going from 100k to 125k. 

We have received a lot of speculations already concerning the market performance and the crossroad on bitcoin for either the bullish or bearish pattern from many traders, now we can see that this actually explains it all from the chart, how the market raised resistance over the bearish pattern until the bullish overcome and we break forth to all time high, now we have been on it till the market get to $76,838 and from there hence, we are still in expectation for more bullish trend as the market remains more on a supportive level for bull than the bear as at now, this may lead to us having the sweet taste of something close to $80,000 or more before the month of November ends if we study the chart flow well.

We have been stuck in a certain price range for a long time, I can say 50k-73k, the previous ATH was around 73k, small numbers don't really matter.
Bitcoin was looking for a direction to go, now it seems to have broken out of this cycle with the Fed interest rate cuts after the presidential election.
If it doesn't have a hard time rising to 80k, I don't think there will be much resistance in front of it.

I still think we retrace a lot 62-66k feels about right.

but who knows.

we kind of in a 50k-75k slot since march nine months in that area.

a real break out is 80 and up. does this happen soon?🔜

we really are much better off if we get to 80k then move up to 100k and then shift to 111k and up.

to me its jan 2021 price is 40k and in the future was we got to 68k twice in 2021

so I am looking for at least 114k in 2025 earlier than may 1.

but past performance does not always predict the future.

Yeah, they're not in the upper hand. But I think it's normal when someone sees that the market is going sideways in the meantime. Someone who's discouraged at the movement from that moment when it didn't go through breaking another ATH would think that the bears are in. Well, to tell everyone who is thinking like that. Look at this entire year, the charts, and the lines are in favor of the bulls and we're going up. Let's appreciate all of the factors that have made Bitcoin reach its new ATH at $76k and it was so close to reaching $77k but it will be there anytime soon, who knows but don't be overwhelmed. Some corrections are inevitable.

I do not think that the bears have the upper hand, we are in the bullish state and so the sentiments are bullish obviously. Although the price has been very volatile since we had a new all time high last March, and it's the first time that we have experience a ATH pre-halving. But now, it's very different as Trump wins the election, and it has become the catalyst for a massive run this year and up to 2025. So let's see, we have seen $76k already and so that $80k-$90k is very near. And the good thing for us is that we have December, and as per historical logs, it's also a very good year for us and so everything could be possible at the end of the year. We could be smell that the 6 digits could be on reach and for sure everyone is going to be happy about when we unlock that.

Just hard to make speculations, but I would tend to agree that it's hard to reach and we might go with around $80k-$92 at least. But who knows, with Trump's victory, we might be in for the biggest bull run that we will see in it's young history.

And if Bitcoin will make true of his promises, then it could push the US to be at the front of Bitcoin, with regards to adoption, mining or even becoming the most friendly crypto countries outside of Bukele's El Salvador.

Looking it won't go that way, thanks to Mr. Trump for giving the bears to move aside and let the bulls come along the road first.

That's fine if for some analysis like yours, it won't happen for this year. But like the unlikely that we see this early the $76k, the possibility remains there. But let's not hope too quickly so that there won't be a lot of expectation for BTC at the end of this year with a $100k. We're starting to see other analyses like that and say that it's possible. It's also fine if the price ranges are like $80k-$90k as that's more likely than the higher one that we've been waiting for BTC to hit for.

Based on my analysis, Bitcoin can not reach $100k this year, if it does, then there would be some arising factors that will definitely contribute to it and that might result from any event in regards to the victory of the new US President, other than that, I doubt we could see $100k this year, $85k - $90k could be possible.

There is an ongoing correction in the market at the moment. Could it be that the market is retesting the previous ATH or that the effect of the news is over? I was thinking that as soon as Trump is announced we will see sudden jump of price from the current level to the projected 100k that people are expecting price to reach in this market cycle. If this election did not trigger that immediately, then it will likely happen next year. It is actually nice see how well the market have responded to the elections as I believe that is what most Bitcoiners want.

Bitcoin has created a new all time high this morning at $75, 400+ which was really as you spotted it the day before yesterday. From the look of the Market trend, I site that we might see another all time high before this month will come to and end.

It can be argued to be the news that affects the USD but the correct phrase is the US news, it was actually an error that I thought I corrected yesterday when I first detected it, it has been corrected now, thanks.

A few days ago, the US had a series of impactful news that caused the whole financial market to be volatile, especially the NFP, Average hourly earnings and Unemployment rate news of Friday among many others. The news dealt a blow to Bitcoin and also tried to force it down during the weekend. And of course, people's sentiments could affect Bitcoin due to the US election but I don't regard that much.

The previous record was reached at 73.8k but it is very easy to break the previous record from here at the current level. Because it's getting easier at the moment, because we're moving very quickly into a bull market. Since Bitcoin price touched 73.6k in the last week or end of October, we are currently at 69k in this position. 
So we will be ready to break past records as the time comes, because we are only going into a bull market at the moment so it makes us easier to be more aggressive. So we think it is possible to reach the record of 80K in this year 2024.

We've been in the cross roads for many months now after reaching a new all time high. What makes it crucial though is that we have a lot of noises from behind, specially the upcoming US election. So the market is still divided, and going to be a tug of war between the bears and the bulls.

Although we have a momentarily quiet days leading up to the election, as the fomo has died down. And if we needed a momentum, it could really be the result of a the election. If Trump wins, predictions are $90k'ish as the end of the year as he supports crypto in general. If Kamala loses, there is one thread that says the price could be $30k.

We almost did hit or and make a new all time high when we have a FOMO last week. And I thought that we are going to break it to be honest. However, as you have said the short term effect of the news about the US election might have something to do with it. Price is back <$70k for now.

I guess we can call it a crossroad, but still we will have to wait for the US election first. If it want we wanted to see, that Trump going to win because of his strength of being a pro-Bitcoin, then maybe we can see $80k at least at the end of the year.

The most important thing is that the price of Bitcoin would still go higher than it currently is therefore it's best to use this opportunity of a price drop to acquire more Bitcoins, one person I admire a lot that does thar is Michael Saylor, his company adds more Bitcoin in bulk to their portfolio whenever the price drops and that's what every holder should emulate. Back to your question, no one knows what's ahead the month of November (ĺate November) might be favourable based on the results of the election or we might see more corrections before the price gets past 73k probably by December or so but no one is sure of when it would get beyond that mark and it would just be mere speculations but one thing is certain that Bitcoin would break the current ATH and even get past 80k therefore  like I said earlier it's best to keep buying at this point before it gets to that point.

The only thing that is certain is that breaking the $73,850 price has become easier and therefore when the price approaches $73,000 we will definitely see levels closer to $80,000 quickly, so the question will be when will we return to $73,000 levels? The US elections may have a short-term impact and therefore a positive close above $69,000 levels for November means that we will definitely see $80,000 in December, any correction will only delay that.

The simpler layman terms is that if we could keep it going a bit higher, then bull will be showing they still have more money to buy so bears will not start selling just yet, and price could keep going up because of this. But if we can't go higher and stay here for too long, then bears will know that bulls do not have more to buy, and they will start to sell instead and drop the price.

This isn't really that complicated, in most cases if the price doesn't go up, then it will eventually go down, even if it goes flat for a while, it will eventually go down if it doesn't go higher. So that doesn't mean that we are going to see price being too predictable until it moves, wait until it makes a move, if it starts to go down, selling is the way go because it will go down even more, hell even if you wait for another a week or ten days, then you are going to sell again because it means it will go down. But if you see the price going up then we will do fine.

As invedtors are monitoring the high-stakes united states election today the cryptocurrency market is seriously witnessing a heightened activities. This moment is very important as this is the first time that crypto is seriously considering during usa elections campaign and Trump is now seeing to be a pro crypto candidate in this election.  If trump win i forecast bitcoin to make a new all time high as many investors will pump in money.  Closing above $73,850 on a weekly candlestick formation is really needed and this election will help achieve that or bitcoin will head back towards $49000 if he lose.

When you say "the USD News," are you referring to news that has to do with the United States dollar, or are you referring to what I also think is "the United States Election"? (USA)
 
Still on, one thing that I saw pushed the market very far to near breaking the ATH last time was the closeness of the election and how positive the poll was showing in favour of Trump, with the election also being just less than 48 hours from now. I can't lay my head straight to determine what the price of Bitcoin will be before then take it or leave it.
 
The United States has a great impact among other factors that contribute to the rise and fall of the Bitcoin price up to some certain level, so until the election is conducted and the result is announced, when I know some fucked up news can get to the heads of some traders, I will just be watching the chart do its thing.

Bitcoin's rollercoaster rides since it hit the current ATH at about $73,850 in March has not been hidden and no doubt it must have disappointed a lot of people when it narrowly edged closer to it last week after 7 months of waiting, for it hit $73,610, only to sharply moved downwards due to many US news and the uncertainty around the US election. This may continue for a while but Bitcoin could still head for higher levels soon, it's only at a crossroads. With more bullish outlooks and confirmations on the weekly chart, the bullish path might be intact despite some bearish threats.

On the weekly chart, the OsMA is positive, and so is the Fibonacci as Bitcoin holds above the last Fibo level of 23.6% at $59,940. But trendline has been the issue since March as seen above, it aided the wavy pattern of the coin. It ensured the price did not slip above it until last week, unfortunately, the coin could not close above the level.

This is the mentioned crossroad for Bitcoin, a determining level for bullish or bearish supremacy. The current spot of the line is at $69,280, a sustainable breach and a weekly close above it could signal a more determined bullish market that will have the needed momentum to hit and breach the current ATH ($73,850). On the other hand, the persistent holding above this level may give the Bears the upper hand.

Let me know your thoughts, guys!