Since the CPI release, Bitcoin’s upward trajectory has remained mostly unchanged. The consumer price index came in at 8.5 percent, which was generally in line with expectations, and the Nasdaq had gained 2% on the day. Due to the decline, Bitcoin is presently trading at its lowest volume, and the situation has deteriorated to the point that everyone is talking about the end of the season. But, in my opinion, bitcoin is about to enter the current cycle.
There is a chart that illustrates the current trend in history if you look at the trading view chart named Bitcoin history of index. When this flow is coupled to trend lines and a pattern is found, it looks like this. However, by examining these patterns, it is clear that a distinct flow has been discovered. When you come to Bitcoin’s supporting sales area, this is what you should do.
When Bitcoin was originally introduced in 2012, it skyrocketed and dropped to roughly $4, indicating a significant rising tendency. From 2013 to 2017, Bitcoin was a resistant selling section, but it has been on the slide in the supporting selling section for a long time, but it is showing a strong rising trend in the selling section. It demonstrated support in the No. 3 sales sector from 2017 to 2021 or 2020, but it has already faced a significant price increase and has so far maintained its price range. Although the present trend is different, it creates a parallel channel, with Bitcoin supporting $30,000 once in 2021 and continuing to increase to roughly 80 million won, with another $20,000-30,000 expected to be supported currently. If Bitcoin falls and rises between $20,000 and $30,000, I believe it will lead another powerful upward trend. Of fact, when we look at the long-term pattern, this hypothesis is justified. These are Bitcoin’s current Fibonacci portions. It’s possible that it’ll fall back below $30,000 on a daily salary basis. However, I don’t believe I’ll be going below that. Some investors believe the naked flag is developing, however in terms of statistics such as current on-chain data, whale inflow, and transfer, the bare flag is very impossible to construct. The bitcoin market, on the other hand, remains open to new possibilities. If Bearfleg is released, the objective is $20,000, and the cycle will resume its lengthy downward spiral. However, if you look at the short-term support portions, you’ll see that the support sales part steadily grows in height. He also said that it is extremely similar to the Fractal I previously mentioned, and that the falling part should be closely monitored and replied to for a maximum of $35,000 dollars. To sum it up… Bitcoin is in the midst of a digitalization cycle, and there is a significant likelihood that it will collapse, with a target price of $20,000 as a result. The likelihood of hitting the naked flag and the support resistance sales section indicated above are examples of the space for fall. Market volume and interest remain modest, but this is to be expected, and it remains to be seen if Fractalo will be the first to reach the $36,000 level in the near future.
According to human indicators, psychological pressures such as the end of the season might cause the forces to withdraw your money at any moment, resuming an upward trend. To put it another way, don’t be deceived. The Fibonacci section of 0.61 points is now sustained, and the longer it is maintained, the more opportunity there is for it to increase again. Furthermore, since the supporting sales zone parts are continuously rising, this may be considered as a positive condition.