maybe it's too early to talk about 30k, but...
since many turned bearish when the 30k level was lost, I expect many to turn bullish, when we reach it again..
since many turned bearish when the 30k level was lost, I expect many to turn bullish, when we reach it again..
Have thought and said this for a while. It's similar to the bearish sentiment once $6K broke in 2018, as well as the bullish when it went back above in 2019.
Mainly as most people were expecting a rejection from $6K and going back to around $3-4K, similar to 2015 bear market, but obviously never happened.
going from 30k to 40k could be way easier than going vom 20k to 30k. And I don't mean the obvious +33% vs + 50%, but sentiment-wise.
Also based on volume. There's roughly twice as much volume that has been traded between $15K-$25K than $30K-$40K.
It does slightly increase from $30K up to $40K, but not considerably. Then there's a bit of a gap until around $48K...
if we went by last cycle's performance and its ratios, price would hit 45k by June and after that stay between 45k and 25k for another 16 months..
I did the calculation based on % retrace and it's more like $50K/$52K with a general target of $48.5K, for now at least (based on 2023 low to ATH)
Ignoring the % retrace another 4.4x move from the lows (like in 2019) would actually be more like $69K.
Hence I prefer the calculation of retracing around 62% from ATH, rather than 100%.
