🔥 The Bull-Run Is Not Over Yet: $100k BTC Target

Over the last few weeks there's been much talk on whether the bull run is over or not.
When I'm looking at this chart, I think it's far from over yet.

First, we still have time left on this bull-run when compared to previous ones. This has been analyzed thoroughly by others on this website, so I'll leave that part for what it is.

What I'm seeing is that BTC is currently seeing a period of strong consolidation around the lower trend line of the bullish channel. When the price hit $30k a couple of weeks ago, there was a violent reversal from both the $30k round number support, and the channel support line.

I think that for now, $30k is the bottom. We might revisit this bottom in the coming days, but I expect this channel to hold. As long as the governments keep printing money and the stock markets are increasing, I don't see that the current crypto bull run has already come to an end.

As seen on the image above, the
Fibonacci 1.618 level perfectly lines up with $100k. Furthermore, it's a very strong resistance from the fact of being a perfect round number.

In my previous BTC analysis I argued that we're currently trading in a trend continuation pattern. So some kind of bearish break out is more likely than not. $30k is my personal ideal area to step into the market again with long term trades.

Happy trading!

Kommentera:

DYOR