Bitcoin Analysis: Shakeout or Breakout? Is $80,000 the Next Stop? 🚀
There is a lot of discussion in the market right now regarding "Final Resistance" and "November 2021 Highs." Both levels have currently slipped out as support, but is this a time for panic? Absolutely not!
Trap or Noise?
The rejection seen between $70,800 and $73,000 is being referred to by many as a "Short Squeeze." However, if we look at the bigger picture, this is just Market Noise. Bitcoin's history is a testament that before a big jump, the market always shakes out the "Weak Hands."
Fact Check: On February 24, BTC was at $62,510, and from there it soared to $74,000. The $63,030 low on February 28 was just a fluctuation, and the path was still upward.
Resistance has Now Weakened
Repeatedly hitting resistance weakens that wall. Now we are only waiting for Support Confirmation. In my opinion, Bitcoin will regain momentum from here and this time the target will not be $74,000, but straight to $80,000.
Market Formula: Rinse and Repeat
Real and sustainable growth is the one that is gradual.
$80,000 will be hit.
Then a healthy retrace (correction) will come.
And then a new high!
As long as the market does not go "Parabolic" (straight up), the bullish trend is safe. A parabolic rise is often a sign of the end of a trend, so this current slow growth is actually a signal of the Bull Run continuing.
The Bottom Line
This current retrace is actually a "Golden Re-entry" opportunity. The trend is still bullish and the bias is intact. Instead of panicking and selling, prepare for the next big move.
Thank you for reading.
Namaste. 🙏
✅ Trade here on $BTC
