Bitcoin To $170,000 NEXT Bull Run?! Let's See...
Here we are looking at BTCUSD on the Daily TF on the Logarithmic Scale…
In this idea, we are comparing the bear market bottoming structure from the previous bear market to the current. As you can see, the bottoming structure of the previous bear market was a double bottom. After putting in its initial low in 2019, Bitcoin went on an extended relief rally that lasted months. Following its relief rally, it tested its lows before beginning its new BULL MARKET…
Looking at the current market structure for BTC, we can see that Bitcoin made its initial low of approximately $15,700 dollars in November of 2022. Since then, it has bounced about 100%. If Bitcoin reverses from here, that would be equivalent of the bear market relief rally we saw in both of the previous bear markets.
What’ interesting about this rising channel, is that a re-test of the bottom also has confluence with the bottom of the parallel channel that the previous two cycles have traded within.
If this idea comes to fruition, and Bitcoin holds the channel on a re-test of the lows, a new move to the top of the channel could bring it to $170,000 in the next bull run!!!
While this is just an idea, you can see that there is clear structure with confluence on this chart! I will continue to monitor this, and provide timely updates!
In this idea, we are comparing the bear market bottoming structure from the previous bear market to the current. As you can see, the bottoming structure of the previous bear market was a double bottom. After putting in its initial low in 2019, Bitcoin went on an extended relief rally that lasted months. Following its relief rally, it tested its lows before beginning its new BULL MARKET…
Looking at the current market structure for BTC, we can see that Bitcoin made its initial low of approximately $15,700 dollars in November of 2022. Since then, it has bounced about 100%. If Bitcoin reverses from here, that would be equivalent of the bear market relief rally we saw in both of the previous bear markets.
What’ interesting about this rising channel, is that a re-test of the bottom also has confluence with the bottom of the parallel channel that the previous two cycles have traded within.
If this idea comes to fruition, and Bitcoin holds the channel on a re-test of the lows, a new move to the top of the channel could bring it to $170,000 in the next bull run!!!
While this is just an idea, you can see that there is clear structure with confluence on this chart! I will continue to monitor this, and provide timely updates!
To see my exact trades:
Stocks: inthemoneystocks.com/verified-investing-alerts/
Crypto: verifiedinvesting.com/
Stocks: inthemoneystocks.com/verified-investing-alerts/
Crypto: verifiedinvesting.com/
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